There Goes The Stock Market’s Plunge Protection Team Off Of Key Support

Let’s get a quick update out! I told you guys about the plunge protection team in last night’s video. I talked about these different things at the 3 and 7 minute marks. Sure enough, we completed that entire cycle in one day. That is why things were titled three more weeks of exciting market volatility.

We held that important 200 day moving averages. We also held the accumulation bars too. We had accumulation on the RUSSELL and DAX as well. That led to some great trading in the Live Trading Room this morning. This is where the rubber meets the road.

The channels are the real challenge points. We still have some room to grow in some of these. You will notice that the DOW is coming right upon the channel. The NASDAQ has hit the bottom end of the channel too. There could be a morning reversal back down. If you go into the open with a move up I will start to look for reversals. I would be more cautions to the long side.

I was a bull today in the Live Trading Room today. I said that I am not shorting this today. We were already at key resistance. I wanted to watch that the hope that the RUSSELL would get above the speed lines. That was really phenomenal stuff.

You all need to go back and watch last night’s video. If you had to miss it, don’t miss it again. Let’s remember that we are at a very critical area. Typically after a wide range push there ends up being a small pull back the next day. The exception to the rule would mean it would continue on. If it were to do that it would be a phenomenal buy signal. Once the sells don’t sell, it could be time to buy again. That is how I look to play it.

This was a nice continuation video from last night. This is the big deal right now. We really need to be watching this. I will be doing just that heading into tomorrow. Look forward to seeing you all then!

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