They call this the “Week from Hell” – to me it is just another week of trading. Sure you have the FOMC, ECB and BOJ making announcements this week, plus continued tariff threats with China, and a Kim Summit. But who cares. I am following the charts and they will continue to be my guide
Bears are certainly losing their grip on this market here, and the bulls are running in a low volume trading environment. Target those trade setups that offer above average volume. In this kind of market where the interest is low, spotting stocks with momentum and the interest of the strength is quite easy do.
The bulls are trying to make it a rare 2-day rally. Or at least such an event has been non existent for the past three weeks, so any kind of consistency, even if it lasts only a few days, is welcomed.
I’ve been watching Micron (MU) all day long to consider where this stock might bounce at for an ideal swing-trade. So far I have yet to pull the trigger on it. Though, had it bounced off of that trend-line off of the May 3rd lows, the opportunity would have been more than ideal. But
The market is recovering nicely today. I was forced out of my one lone short position I carried over from yesterday.
I saw the futures on Monday, thought “hey, the week is off to a good start”. Woke up on Tuesday, preparing for the week, looked at pre-market futs and saw SPX down -22 points.
The market doldrums – they have been brutal of late. Not because they are creating losses, but because momentum isn’t necessarily being sustained. The market gains in the morning quickly fade into the afternoon, only to provide a token rally in the final 15 minutes of trading.
If you had looked at futures last night, you would have thought the bulls would have SPX up over 40 points heading into the final hour of the day, today. But no, we are at the same place that were were at when futures opened up at.
The Dow couldn't go up for ever, it had to experience a day in the red in the very near future. Today the time has come, and it is making its presence known, by wiping out more than two day's worth of gains for the bulls and to retest the breakout level on SPX's declining
Monday’s swing-trades: Take a look at three trading ideas to prep you for the next trading session. Get all of my trades that I make real-time by jumping in the Splash Zone and start making some profits for yourself! Long Weight Watchers (WTW)