SPX: Since last Tuesday when we broke over 1620….we have seen 4 days of sideways trading. During those 4 days, the highs/lows of day have been roughly the same. I consider this bullish consolidation (sideways action after resistance break/close) and think we break higher if we can get a clean break of 1635-1636 area. Chop above 1620 and this market is just fine in my view. With that being said, this week is May OPEX and some volatility could creep into the markets. I wouldn’t take new long positions in the overall markets until we get a confirmed break/close over the recent range. Another thing to consider is this QEinfinty news— is it going away/will it stay in place? Bla, bla…who cares, what we need to do is pay attention to the charts as this “uncertainty” could take us 1640s+. If you choose to look at it this way, uncertainty on the fundamental/news side has only fueled this big bad BULL market…so I expect more of the same.
On a side note: I haven’t been posting or in chat much lately…for those who like to seek my opinion or read my post I apologize. I am making some “swing changes” in my approach to trading and I like to be away from the crowds when I try and implement changes to my approach. I am looking forward to making these improvements, getting comfortable, and getting back with everyone. Hopefully I can return a even better trader and share what I have learned with anyone interested. I’m sure everyone has been killing it as usual so until I see everyone again…keep it simple and BANK
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