Higher supports hold presenting the continuing environment of buying the dips. We begin the earnings season today and traders are looking at the analysts who have started to pull estimates back in as the signs of the slowing across the world still show steady.
Target zones are now a bit higher as we stay bullish overall – near 2898-2912. Lots of buyers seem to be crowded around 2880 for now as key intraday support with traders crowding at 2890 just above.
Intraday motion is likely to continue long on pullbacks. Aggressive shorts at the failed retests of 2900 will need tight stops and to be trimmed at support quickly in the current environment. Shorts provide low probability of trade advancement.
Remember the overall trend is still long so we have to consider buyers holding the edges of support. Above 2866 will keep us in this formation in the current chart and short time frames – from daily charts.
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. Bullish behavior still holds at support
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
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