We have been talking about the presence of supply in the market since it first began to show its hand several weeks ago.  Last week, sellers swamped buyers as seen on the weekly chart.  This is quite a negative development for the market and indicates that the 1243 level, and perhaps below this level, will be the subject of a test in the near term. Please keep in mind we are … [Read more...]

Given the supply evident in the market over the past few weeks, we have been focusing on short-side trades in our weekly Deep Practice sessions held on Thursday nights.  This has helped members trading the S&Ps (ES) to be prepared for short opporunities as they occur.  When supply is in the market, it will typically produce choice trade setups to the downside that will run … [Read more...]

We have been talking about the supply in the market for the past several weeks.  There definately is demand, too.  It is why the market has not fallen hard out of bed thus far.  Nevertheless, the struggle has been favoring the sellers over the past month.  Read the earlier posts for the evidence. Last week we saw the market hold around the 1310 lows.  Some buying came in at … [Read more...]

Readers and students know that I have been discussing the increase in supply seen in the S&Ps (ES) for several weeks.  Last week showed further supply and weakness coming into the market.  Let's take a closer look. On the weekly chart, we can see that the market spent two and one-half months below the 1338 level.  On the week ending April 29th, the market finally broke … [Read more...]

Today after the close we will have a free webinar on Deep Practice, the weekly program I have developed that uses principles of deliberate practice to help traders develop chart reading skills.  Expertise and mastery is not in-born or based on talent, it is developed through dedicated practice.   Some of the things covered in Deep Practice include (note: not everything is … [Read more...]