Was it a Wyckoff Spring? Was it a Wyckoff Spring? That was the discussion in yesterday's post. Because of the combination of Wyckoff principles that were setting up in the structure of the market, I expressed doubt that yesterday's daily trading action in the S&P e-minis represented a sound Wyckoff Spring. Those doubts were confirmed today in spades as you can see on the … [Read more...]
The Coming Week & Free Webinar
The coming week should be an interesting one. We have a fair amount of reports coming out (Housing, CPI, FOMC Minuets, Jobless Claims) that can cause increased volatility. Two weeks ago the US Stock Market (represented by the S&P e-minis) fell hard. There was follow through to the downside in the early part of the next week, and then the market hit support and began to … [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...]
A Word on Trading Psychology
Psychology is a crucially important aspect of trading, but most traders pay no attention to it. Traders put all their effort into developing technical skills, but eventually learn that technical skills alone offer only a partial picture. Concentration on the psychological aspects of trading is equally vital. Traders Wait too Long to Learn Mental Skills Most traders wait until … [Read more...]
US Stock Market Rallies From An Oversold Condition
As we always do on Thursday evenings in Deep Practice, we looked at the S&P e-mini market to see what its likely next move will be. Traders in the Deep Practice group noted that the S&Ps were making a new low after a lower high had been put in. The immediate trend was therefore down. They also noted that the market was very oversold. We can tell this in a number of … [Read more...]
