I just finished the slides for today's webinar on Tops & Bottoms. There are 60 slides covering how to read a top and how to read a bottom. I think you will like them. We will have a thorough discussion on market tops and bottoms, including the all important structural characteristics, how markets behave in these locations, entries, use of the Weis Wave, bar-by-bar reading … [Read more...]
Follow-Up in the S&Ps
Yesterday, resistance was identified in the area of 1965 - 1970. Today, the market stopped it's upward movement at 1968.25. Today--marked A on the chart--was an up day. Although it was up, it also traded inside the range of the previous day. We had good volume, but the market remained largely range-bound. We could be seeing the market accumulating around support as we have … [Read more...]
Progression of a Top
I showed Daily Chart 1 of the S&P e-mini futures in a free webinar held by TradeGuider yesterday (Monday) morning. You can see that Monday's bar C was still in progress. We noted that we were likely creating a top and could expect at least a modest pullback. Here was the rationale: The daily chart had reached the Weekly Supply Line (red trend line) on Thursday last week … [Read more...]
So Far, It’s Been A Pretty Weak Rally
When we look across the three major US stock market indices, the best we can say is, So far, it's been a pretty weak rally. Last Monday (June 9), all three markets made new highs. As the week progressed, the Nasdaq (as represented by the QQQ ETF) tried to hold onto the newly gotten gains, but the Dow (DIA) and the S&Ps (SPY) gave them up. You can see this at the area … [Read more...]
Coordinating Time Frames
One of the key skills in trading the markets by its own action is the skill of understanding structure. Someone recently told me that they look solely at price and volume; they consider structure irrelevant. I can't understand that attitude. To my way of trading, using structure is essential. A good example of how structure plays a significant role in trading occurred on … [Read more...]
