Enlarge any chart by clicking on it.

Unless otherwise specified, ALWAYS use the 15min chart to enter my recommended plays because
CONFIRMATION is a MUST. In other words, you need to see a 15min candlestick that CLOSES beyond
the entry point, then enter when it moves 10cents after the high/low of that candlestick.

Tuesday, August 15, 2023

SPX

The market will run up when it stops being bombarded by bad news because everything is set for a run up. First it was Fitch's downgrade of U.S. credit rating from AAA to AA+ that spooked the market on the 2nd of August and beyond. Then it was Moody's downgrade of ten small and midsize banks that spooked the market on the 8th of August and beyond. Today it was bad economic news out of China that spooked the market. Not a good environment for trading because it is news-driven rather than the market moving on its on weight (technicals). As a result, we keep seeing wild gaps and wild incoherent/choppy price action. Surprising, the market is still holding its ground very well in the face of so much adversity. The decline so far has been corrective rather than impulsive. This means it wants to run up (if given the chance).

SPX-DAILY


SPX-240MIN


SPX-120MIN


SPX-30MIN


SPY-15MIN
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