Nine of the 10 sectors are green
Despite the GDP showing a technical recession is underway, markets opened with very minimal gaps (in both directions, QQQ down and large-caps up) on Thursday. All 3 major indices sold off 1% or more over the first hour. However, at 10:30 am, they all reversed and rallied strongly until noon, more than making up for the selloff. After an hour of rest, the rally resumed, reaching the highs of the day late in the session. This is leaving us with large white candles with significant lower wicks in all 3 major indices. Nine of the 10 sectors are green (with energy down only 0.05% with 30 minutes left in the day. With that said, volume remains below average. We are also looking very overextended in all 3 major indices and according to T2122. 10-year bonds are down again, and oil (WTI) is just on the downside of flat for the day. Have a great Evening. | |
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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