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Charts Stall At Important Resistance – Higher Lows Hold- Apr 4, 2019

MARKET COMMENTARY

Charts have stalled at the highs noted from yesterday (see my tweet about blog numbers in the ES_F and NQ_F). Traders are still holding the higher lows and we did hit the first target zone.

Target zones sit near 2889-2895 still and the SPX traders that priced in moves well below these levels are scrambling outside this range of motion.  For the SPX option traders who sold the straddle at the beginning of the week to make money, we’ll need to fade to 2871 and below. 

Charts do feel a bit weaker but intraday motion is likely to continue long on pullbacks until the jobs catalyst gives us some news. Given the updraft into the jobs number while seeing divergence AND lighter volume suggests that any bad news could swiftly reverse the market while good news may do a little of nothing.

Remember the overall trend is still long so we have to consider buyers holding the edges of deeper support.  Above 2866 will keep us in this formation in the current chart and short time frames.

UPDATE -Our Metastock Map for swing trades, TARGET RICH TRADES, is in a holding pattern until our next red resistance diamond shows up – we need to stand to the side as we expand before another contraction.

Completed is the trade below:

Short at 2831 with first target at 2814.75

Three targets have been acquired 2814.75, 2808.50, and 2794

  Here’s a link to the software

How about finally starting that trading journal?

You should – Here’s an easy way to keep track of your progress

PROTECTED DATA SITS BELOW –

IF YOU CAN SEE THIS LINE, YOU ARE LOGGED IN 

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