Not much has changed on the SharePlanner Reversal Indicator, but what it is doing is running in contradiction to the direction of the S&P 500 and other indices.
This is most prominently seen in the Daily SPRI chart:
Now the weekly isn’t nearly as bearish, and frankly, the daily SPRI can consolidate often times when getting the downside reversals, which is what we are seeing over the past 8 trading days as the SPX continues to chop around.
But with the Weekly we have yet to confirm and that might not happen from another 1-2 weeks.
So stay patient with this market and only take from the market what it is willing to give you. My bias is still to the long side and have yet to initiate any new short positions this week.
Welcome to Swing Trading the Stock Market Podcast!
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Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
#2: Keep the Losses Small
#3: Do #1 & #2 and the profits will take care of themselves.
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In today's episode, I explain whether it is a good idea or not to rapidly increase the size of your portfolio if you come across a sum of cash. A lot of traders will do this without ever recognizing the emotional toll it can have on you as a swing trader and the awful mistakes you can make in doing so.
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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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