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On Friday, stocks gapped 1% – 1.5% higher across all three major indices. However, from then on, all three just ground sideways in a very tight range. This left us with gap-up, white-bodied, indecisive Spinning Top type candles. Those three major indices sit just above their respective T-lines (8ema). It's worth noting volume remains well-below average. All ten sectors are solidly green, with Financial Services being by far the hottest group on the day. Oil (WTI) prices were up almost 3%, and the 2yr vs. 10yr bond yields remain inverted. Looking more, SPY was down 1%, QQQ was down 1.4%, and DIA was down 0.3% on the week. All 3 printed Hammer-type candles on that weekly chart. However, all three remain below their weekly T-lines and 50sma levels. That 50sma also continues to fall. In short, the trend remains to the downside. | |
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When considering a chart for a trade, it might be helpful to look at conditions to help with the final decision. I have found at least 3-5 conditions must be met. Possible conditions: - Is the trend in your favor for the chart you are considering?
- Is the market trend in your favor?
- Is support or resistance in your favor?
- Is the T-Line and price in your favor?
- Is the Trendicator in your favor?
- Is there enough room to make money?
- Are your indicators confirming?
- Does the risk & reward make sense?
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