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News Mutes Upside Pressure – July 8, 2019

MARKET COMMENTARY – 

Deutsche Bank news was baked in and price action is muted. New highs over the light volume. Bullish behavior suggests that we will bounce off the deeper support tests but caution with size is recommended here as divergences exist across the board.

Gold bounces back to 1397 (see prior posts) and holds. The dollar still holds steady above support. Probably in tandem with the news of strong jobs, making the FOMC scurrying for data to ease.

BIG PICTURE -Daily momentum is positive to neutral and bounced off critical support.

INTRADAY RECAP – Bullish but cautious. Selling ES will be tricky without intraday exhaustion but the Fibonacci level to watch is near 2998.5 with stops a bit tighter- or buying near 2974 – with tighter stops also. Getting chopped up would be likely so watch your size. Whipsaw is likely between these two levels. Holding 2970.5 is a critical zone.

POSITIVE TO NEUTRAL SLANT – Manage your risk by waiting to the edges and playing the range with a slight bullish slant intraday.

Divergent action still sits below the movement of price on both sides of the trades – long and short – but traders are still looking at deep support edges to bounce.

HOW TO STUDY THE CHARTS WEBINAR – RECORDING

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DECISION EVENTS

Divergence and defense of recent lows tell us buyers are still in the fight as sellers engage actively    Here’s a link to the METASTOCK software

IF YOU DON’T JOURNAL YOUR PROGRESS, YOU SHOULD – How about finally starting that trading journal?

 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

LINK FOR THE WEEK BEGINNING JULY 8, 2019 – 

NEW LINK FOR TRADING DATA EXCEL SPREADSHEET

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