The Key Points You Need To Watch In The Markets Next Week

Welcome back everyone! This morning I fired off multiple trades. It was really a two sided market this morning. I looked at both long and short side trades. The focal point was mostly long side trades. We held some key support levels.

The DAX has this really important point. You can see what ended up happening. We basically held that level today. We held key supports on the NASDAQ and RUSSELL.  These are areas where we had known previous support levels in this market. There is a lot of that support down there. That really held us in today. The focal point for me primarily has been the RUSSELL and NASDAQ. I have shared that with you before. When that RUSSELL started to push back up, that was my cue to look for the long side trades. Some of the best money that I made this morning was off of the long side.

We really need to focus on the marked area on the DAX. If we start breaking down below that we could see much uglier situations in the DAX. You will notice that this goes back. There is a lot of support in that area. This is where you want to see this stop and reverse to take back off.

If we stop at these speed lines and roll back down on the NASDAQ, we could be in a much worse situation. We are below the speed lines on the DAX, NASDAQ, S&P, and DOW. We are in the speed lines in the RUSSELL. It is very important that we get above the speed lines. Getting above the speed lines will serve two purposes. It will open us up to more areas. We are really looking for a break out / break down scenario to identify possible swing trade opportunities or short side opportunities. I am watching these levels very closely. I really want to push below the lows for short side trades.  I want to get above the speed lines on the NASDAQ.  That could open this all back up. The RUSSELL continues to be a weird situation. I am watching the RUSSELL and it is making me want to trade the other indices. I went back to the NASDAQ then. I ended up getting several trades off today.

Whether you are a day or swing trader, these levels are going to be very important. You don’t want these markets to be in these channels. This channel is not good statically for a day or swing trader. That is one of the worst possible places to be. Channel trading can be difficult for day and swing traders.  You are way better off breaking out or through the channel.

I look forward to getting back to it next week to look at more Stock Indices and individual stocks again like the AAPL and more! I look forward to seeing you guys in the Live Trading Room or next week’s videos!

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

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