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Markets Remain Resilient-Sept 9, 2019

MARKET COMMENTARY -Markets held gains as the breakouts hold across the global stock landscape. This means simply that pullbacks are buying opportunities as traders look to participate in upside pressure. Size is still a concern as markets show some negative divergence and algorithms present unique environments that widen risk.

WEEKLY PRICE ACTION
Support as the week begins is near 2969 -with 2981 above that. Pullbacks are still buy zones in the breakout formation in progress.
Expected moves from volatility ranges give us likelihoods of breaking out of ranges into 3022 and beyond before reversing. Weekly charts continue to show flattening momentum and some more downside weakness simply has not broken below major moving averages.

COMMODITY & CURRENCY WATCH
Gold prices sit well below the support zone of 1530 as of this writing and though holding near 1515 right now, lower support levels in gold could push us to 1505 or so. Allow these to settle and don’t think that you’re going to miss the bounce. Currency risks remain in play with the dollar fading into the 98.3 area and holding. WTI is still solidly range-bound where buyers are more comfortable at deep support near 53-54 and sellers at higher levels above 56.8- 57.3 (sitting above 56.8 this morning). This chart will likely press higher if the market holds.

TRADING VIEW & ACTION PLAN
Breakout continues but with buyers timid -wait for the pullbacks to engage. Some whipsaw action should be here as we wait on the Sept 17 meeting from the Fed. Follow the trend in the shorter time frames and watch the price action. Do what’s working and watch for weakness of trend. Please log in for the definitive levels of engagement today

METASTOCK SWING SHORT – in a wait state –

METASTOCK SWING SHORT – in a wait state –

Intraday trading from support edges like the VWAP or solid moving averages will give you the least risk event for engaging. Very hard to see more upside holding here, but follow the trend until candles stop breaking higher.

 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

NEW LINK FOR TRADING DATA EXCEL SPREADSHEET -REMEMBER, WE ARE USING AGGRESSIVE ENTRIES IN THIS MARKET

WEBINAR LINK FOR THE WEEK BEGINNING SEPTEMBER 9, 2019 – 

HOW TO TRADE THIS SPREADSHEET AND TRADE MECHANICS IN GENERAL- STUDY VIDEOS SERIES

HOW TO STUDY THE CHARTS WEBINAR – RECORDING

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