The Market Action We Want To See Tomorrow For Best Results

Welcome back everyone! Let’s take a look at this from a short term perspective this evening. This is really going to affect people on both sides of the fence. There are some very specific things that we need to see and know right now.

This morning we were very over cooked because the sells didn’t sell. That gave Friday afternoon a great opportunity to be a buy. However, this morning we had all sorts of pattern sells. There are just many different variations of sell patterns that we teach. They all ended up saying pullback.

That definitively put us under the forces of good and evil. The NASDAQ was able to make a little bit of headway. The DAX and DOW both closed below the open. The S&P took back about 75% off its highs. The RUSSELL took back about 50% of its highs.

You can see the daily pivot points on an intraday basis. We kept coming up to that R1 level and getting killed off. I wanted to break through that, pull back to it, hold it, then take back off. It ended up pulling down below it, tried it again, and failed. It failed miserably at the end of the day. We could not get it to break and hold to show that it was support. That would’ve given us the nice run that I wanted to see for continuation. There is just too much resistance in the higher time frames.

We have had a little pull back here. That took some of the edge off. I would love to see us remain above the channel and take off on the RUSSELL and DOW. I would like the S&P to stay right where it is at. I want to see the NASDAQ get above the 7200 level.  This is really strong now. I want it to get stronger. Those would be my favored trades. I am going to be most aggressive with that. If the market has more follow through to the downside, then it will be smaller size short. You are basically shorting into rising daily supports on the NASDAQ and RUSSELL. That is where a lot of people still end up wrong. They can get their stop losses to kick in before the market can even go their way. I would like to see some of the intermediate time frames start to push down. There are a lot of transitionary things that I would like to see for shorts. I would really like to see long side trading because the daily charts are already primed for that.

For those of you that are swing traders who are looking for more bang for your buck, you are going to want to see those things from a swing trading basis as well!

Can we start the resumption back up tomorrow?  I look forward to seeing you guys in the Live Trading Room or in tomorrow night’s videos!

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When The Sells Don’t Sell It’s Time To Buy

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