Powder? What powder? We’re dealing with MONEY here!
After taking some hits on my forced-overnight trades last week, I’ve been unable to find any decent long setups for swing trades. While the whole market has been slowly rolling over from almost reaching the highs from February, I have taken my MONEY and stored it away in a cool, dry, location. This is only after reviewing several hundred charts and discovering only a few, risky, possible long shots.
Meanwhile, my attentions have been turned toward more domestic issues instead of the usual, evening chart-perusal sessions. And I must say that the Edgy household has indeed been due for some Spring cleaning! It would seem the Market is undergoing some cleaning as well.
And whilst I and the Markets cleanse our households throughout the week, I wish you day-traders the best of trades! I shall continue to browse the charts periodically over the next few days, looking for long swing setups. But I expect the S&P to retract to a 50% Fibonacci retrace level of ~1,295 this week. There should be some good Bollinger Band and historical support there, so I’ll be watching for a bounce.
Until next time, I tip my glass to you good sirs and ladies!
–Edgy
