Rob’s Thoughts Ahead Of The FOMC

Welcome back everyone!  This will be a quick video ahead of the FOMC.  I won’t be able to be with you after the FOMC today.

We have had an excellent reversal today.  That allowed us to get short in the Live Trading Room.  The RUSSELL really took it on the chin today.  The NASDAQ also started pushing down.  We are waiting for the FOMC to come to pass.  I will want to see if we stay below the 1500 level.  If that happens, I will be looking for continuation short opportunities. That is especially if we can drive the NASDAQ down below the 6242 level, the DOW below the 23340 level, and the S&P down below the 2573 level.

I told you about the 165 level on Apple.  I said that we need to maintain that level in order to look for any continuation longs.  I am still watching the 200 level on NFLX.  I want to see that level become support instead of resistance.  It is still resistance at this time.  The 1100 level is extremely important on AMZN.  The 1080 level is a secondary level of importance.  I am backing off any sort of long side trades below 1100.

This morning we had the hourly and daily charts rising.  However, the short term charts offered up great sell side signals.  When the short term time frames are in your favor, and the long term time frames aren’t, expect much wider range retracements against your position for stop losses.  The average retail trader stop loss is 12-20 ticks.  These were much beyond that.  They were roughly 8-10 points and beyond.  It is usually better to wait for that retracement to take place.  It can either hit some key long term resistance coming down, or roll back down into the direction of the trend.

Keep all of that in mind as we go into the rest of the session and beyond.  Whenther you are a day and swing trader, watch some of the key levels I mentioned.  Take care everyone!  I can’t wait to see you in the upcoming videos.

To learn more about Rob Hoffman Trader visit www.becomeabettertrader.com!

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