We thought there might have been an early bullish reversal a month ago, but that didn’t pan out, and the downside continued for the market.
But now the SharePlanner Reversal Indicator is at an extreme place, and recent history (over the past year), suggests its time in the extremes is short lived. That’s why I think a good hard reversal is coming next week for the bulls.
Heck, we may already be seeing that today with the massive move in the Dow and the respectable moves in the S&P 500, Nasdaq and Russell.
At this point, the bears have had plenty of opportunities to push this market lower, and it has failed to do so. Instead, the past month has been nothing more than a pure chop for the markets and anyone participating in them.
So now, maybe the tides will change, and next week, we’ll finally see that move in the S&P 500 that takes the bulls to new all-times
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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Emotional trading will destroy one’s portfolio. Aiming to hit home runs with every trade is a sure sign that the trader is overly emotional and only cares about fast money. In this podcast episode Ryan explains how chasing after stocks like MicroStrategy (MSTR) without a plan for managing the risk can ultimately ruin a trader’s attempt at being a successful swing-trader.
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