10 Minute Read

Tackle Today: The Bounce

November 24, 2021

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≈ Yeah, it’s time.


We’ve reached the point in the selloff where bulls better get their act together, or else it’s going to get messy. Yes, I know the S&P 500 is still a pebble toss from record highs, but look beneath the surface, and you’ll see some damage. I like using the Russell 2000 ETF (IWM) and Arkk Innovation ETF (ARKK) as my two poster children for where the weakness really lies.

The former is down 7% from the highs and testing major support at the 50-day moving average. This morning’s response to the down open is giving evidence that the bounce may finally be here. As for ARKK, well, it’s stunk up the joint. But, it’s desperately oversold, and that volume crescendo we saw over the past two sessions reeks of capitulation.

I choose optimism here over pessimism. Besides, it’s tough to find a low-risk entry on bearish trades. So, even if you think some of these downtrends continue (see PYPL, PTON, SQ, TWTR, SPOT, ZM, TDOC, Z), do you really want to deploy a bear trade now?

I didn’t think so.

A bounce will make everyone happy. Make it happen, market gods.


Chart of the Day: Small Caps ($IWM)

Chart of the Day: Small Caps ($IWM)

Look, it’s now or never, bulls. You’ve allowed IWM to descend as much as possible without destroying the trend, but it’s now crunch time. Either you hold the 50-day and maintain the integrity of the uptrend, or you allow what could have been a glorious breakout and retest turn into an ugly, no-good broken chart.

Video of the day: The Queen’s Court – Managing ROKU

Coach Emily and Coach Matt talk about managing ROKU in today’s Queen’s Court segment.

Today’s line up

Traders Lounge 11 PM EST

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

The Coaches Show Replay

If you missed last night’s episode where Coaches Gino Poore and Tyler Craig talked about Theta Giving or would like to watch it again, check it out here.

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 Matt and Tim can deliver.

Trading Justice Podcast

Trading Justice Podcast Episode 452: The Art of Swing Trading

In this episode, Coach Matt teaches the Art of Swing Trading with lessons learned from the great trader Jesse Livermore. Matt does a great job breaking down these important technical concepts to help any trader understand them better. Listen in to learn more about swing trading, the 3 pillars to technical analysis, trends, patterns, support and resistance, and more.

Listen to the episode in the player below:

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