Once again, volume (lack of) made buying breakouts and selling breakdowns treacherous especially after the inside day yesterday, which usually signals a directional day to follow. SPY had an accumulation day in volume although still well under the daily average. …
What is a Bottom What is Not
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Due to the fact that we have a live training session tomorrow (Thurs) I’ll keep this brief.
The market watch 4 all had inside days today and as noted in my last Focus List they have all marked out a …
Inside day in all indexes including in a couple of sectors/groups IYT (Transportation) and EWZ (Brazil). SPY QQQ etc all had lower volume so no troubling patterns there. Generally, traders follow the range break of an inside day.
The leaders …
Intra-day Volume
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Now 5th Accumulation day in volume in QQQ. It also tested the 200 DMA and held. SPY managed an accumulation as well and since Friday, with an upward sloping moving average and overbought corrections, signaled the correction was coming, although …
When going gets tough, rules even more important
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The QQQ worked off an overbought condition on a 2-day RSI and dropped on very light volume. No distribution day, thereby keeping the 4 accumulation days of volume over the last 2 weeks intact, with an upward sloping 50 DMA …
Entries are easy, but the stops and sizing are key
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The QQQ is now positively stacked and sloped on the 10, 20 and 50-day moving averages. Plus it's over the 200-day MA and the high of the last 2 months of consolidation. In short, its trend has turned up and …