What a great day in the market!
| Tuesday End of Day Report 7-19-22 What a great day in the market! | |
What a great day in the market! Stocks gapped higher Tuesday and then slowly followed through to the upside until about 2:15 pm. At that point, we saw a sideways grind take shape. All three major indices form something like a Fig Newton pattern on the daily chart. The SPY and DIA are fighting with their respective 50sma and longer-term downtrend resistance levels. However, QQQ has cleared both those levels and is trying to pull the large caps higher with it on the strength of names like NVDA, AMD, META, AMZN, and NFLX. All ten sectors are green, with Industrials and Technology leading the way. 10-year bond yields have popped back above 3%, and Oil (WTI) is 1.5% higher with 30 minutes left in the day. All-in-all, today looks to close out as a lovely move on low volume for the bulls.
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- Trading Room (Buys, Sell, Stops Adjustments)
- Real-Time Phone App Alerts (Buys, Sell, Stops Adjustments)
- eBooks included
- On going education
- Check it out here - Don't forget to use the SAVE30 Promo Code for a 30% discount.
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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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