The one question I would have you ask yourself, and I’ll leave my commentary at this…
“Would you buy an individual stock after it ran 15% simply because it is starting to finally break through a major resistance level?”
I wouldn’t either, and that is what traders are faced with deciding here on the S&P 500.
Oh… and it is also worth noting in the chart below how we have peaked at this declining resistance level twice before and it has led to sharp reversals to the downside immediately thereafter.
Welcome to Swing Trading the Stock Market Podcast!
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Commit these three rules to memory and to your trading:
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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.
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