The market has been in a bullish mode since the mid-November lows. I expect that bullishness overall will continue into and perhaps past the New Year. But in any uptrend there will be pullbacks. I am anticipating a pullback early next week. In fact, it may have already started. My Routine At the end of each week - usually on Saturday afternoon when I have some quiet time … [Read more...]
S&Ps and 1400 Level
I have been mentioning the 1400 level in the S&P e-minis for a few days. You can read the posts where I discussed that level here. I've been looking for a pullback to the 1400 level for a buy opportunity. That came this morning. Here is the 3,000 Tick Chart of the S&P e-minis with the Weis Wave. The 1400 level is highlighted. Note how we became oversold in the … [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...]
Constructive Actions in the US Stock Market
Market Acts Constructively The US Stock Market as represented by the S&P e-minis had a constructive week last week. After rallying out of an oversold condition in mid-November, the market pushed up underneath the trend channel at A. It hung there for two days and then on Wednesday flushed out longs who had jumped on board as the market rose aggressively. The shakeout … [Read more...]
The Value of a Wyckoff Perspective
There is no doubt in my mind that the Wyckoff perspective offers the modern trader a very strong technical edge. Today - like virtually all trading days - provides excellent examples of Wyckoff principles. Keep in mind that the Wyckoff method is all about reading the market by its own actions. Surely it is not infallible, but the astute Wyckoff student can read much in price … [Read more...]
