Markets remain in a fierce technical battle on several fronts. Broad market indices such as the S&P 500 and Nasdaq have attempted to rally to start the week only to find falling moving averages act as resistance. The 10-year Treasury index is attempting to breakout of resistance but that can be a tricky technical event…especially when you run hot into it. Gold is starting to find support above the 200-day moving average but has falling moving averages pressing down. Just about everywhere you look there is a major technical battle occurring.

We break down the technicals every day on the Halftime Report and our message recently has been one of patience. Technical battles can provide a lot of fake signals any given day as the battle goes on. Time generally takes cares of these battles and the patient trader can be in a great position once the technical patterns clean up.

So come join us on the Halftime Report today as we break down these technical battles, report on the economic data such as existing home sales and a few earnings reports such as Dick’s Sporting Goods which had quite the earnings reaction!

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Chart of the Day: S&P 500 (/ES)

Instant gratification is nice but markets are rarely so cooperative. After selloffs there are simply too many falling moving averages that can act as resistance in the short-term. Can markets V-shape and power through occasionally? Sure. However, FOMO (fear of missing out) is not a winning trading strategy and patiently waiting for pattern development can go a long way to making you a successful trader.

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Today’s lineup

Traders Lounge 11 AM EST

Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.

Halftime Report 12:30 PM EST

The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day, and fun in a way that only the Coaches at Tackle Trading can deliver.

Weekend Reports

Watch the Stock, Options, Commodity, and Tackle Newsletter Reports to help you prepare for the week.

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