A Brief Update Tonight After Nice Trading Today When The Dust Settled

Welcome back everyone!  This is going to be a quick by important video today.  Trading is still going on for several more hours.  As you know I have been gone for a couple of days in Texas.

I am looking to see if we can break out above the fallen resistance here on the Bonds.  We are still holding on strong.  We can’t get any decent momentum to the upside until we clear that fallen resistance.  That is currently at 15220.  You can see we closed below that yesterday and today.

We have some long term resistance coming down on us.  It doesn’t really make sense from the swing trade perspective.  We are definitely focusing on this from an intraday basis.  I want to get above the long term, down trending resistance here.  That is currently at the 12620 area.  That also happens to be a big fat inventory retracement bar as well.  There is just a lot of resistance there.  There might be a little bit of short term range.  However that is more of a day trade than a swing trade.  If we are above this area we are talking much bigger moves to the upside.

I did some exposes on Crude Oil a couple months ago.  I said that when we were at 5350 it didn’t make sense.  I said we were constantly getting negative news reports and also way blowing expectations.  A report would call for 1.5 million barrels and we would have 8 plus million barrels excess.  They let the air out of the tire in a big way.  That led to us focusing on Crude Oil in an intraday basis.  If you didn’t take any of the swing trades on the way back down, I want to wait for a technical break out down below the double Dutch inventory retracement bar accumulation.  We will want to wait till after that for deeper cuts to the downside.

The Stock Indices were my best trading for the day.  I am at $1375 gross profit as of 11:30 a.m. CT.  Now I have to be done!  We are kind of in the kill zone.  We have falling speed line resistance.  We also have rising support underneath us on the NASDAQ.  We are seeing the same thing on the DOW.  We have falling speed line resistance, and an accumulation bar support from yesterday as well.  We bounced off of it this morning.  The S&P has the same thing as the RUSSELL.  What does this mean?  We expect a lot of whipsaws back and forth.  Be very careful of this area.  I really want to break down below some of the key rising supports, or above the falling speed line resistances before I get more serious about swing trades.  There are other potential swing trading opportunities as well.  I am happy to discuss that more in my swing trading videos tonight.

It is nice to keep that equity curve going up and up.  Remember small losses and big gains.  I am putting a lot of focus on that in my live trading room with one and done trading.  If you are watching from afar keep learning those lessons!  I hope to see everyone in tomorrow night’s videos!

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