The S&P 500 index has made another closing all time high. If you are not on this train and would like to be, there is a way to limit your risk buying at these levels. I have drawn in the support levels on the chart. Some of these price levels are more important than others. S&P500 Index ETF (SPY) daily The red horizontal line that is just below current price represents the previous high from May 2015. This is where price and momentum began to break down and resulted in some … [Read more...]
Black Gold, Texas Tea
Price action in oil looks like a bottom might be forming. There is good support around the $35-$36 level. If price trades down into this support level and holds it would be a good entry point. I would choose the ETF, USO. Light Sweet Crude Oil Index (USO) daily I'm keeping a close eye on it and will let you know when I pull the trigger. Trade Smart, Don … [Read more...]
The Summer Doldrums
Low volume and weak directional bias is evident in most liquid markets. Maybe the movers and shakers are on vacation or too busy watching the political shenanigans. Either way, there is a time to trade and sometimes there just isn't. Right now, there just isn't a good reason to put on more trades. Sorry. I'm not going to make recommendations for the sake of making recommendations. That is not what I do. For the past week I have been looking for good entry set ups. I have some on my radar … [Read more...]
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