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A Shortened Market Week – Sep 7, 2020

MARKET COMMENTARY -I am not trading on Monday though the market does have a shortened day ahead. We will be back to normal on Tuesday for following price action together. Buyers will likely continue to bottom pick until resistance has been enforced and that number looks like 3565 to 3587, but this will be a difficult rise upward as long as we sit below resistance. Volatility increases have stalled for now but easily could return higher as traders look for support levels to fail. Below 93.2 the $DXY will continue to have trouble holding support bounces.

Moving to recapture the VWAP with pockets of savage downdrafts is still the likely price flow.

INTRADAY -Keep an eye on the 4-hour resistance and support that we discussed in our study webinars and expect battles at these regions as buyers have a lot to prove to maintain bullish price flow on a weekly and monthly formations. BIG time frames will help you position with the wind at your back.

Deep dips remain staging grounds for buyers but momentum is clearly against them in the short term- quick strikes to support and back to resistance appear to be the highest probability for success today- BUT dips could certainly get deeper as price action takes little time for moving into support tests.




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********If you feel you need some help understanding how price moves, remember you have the COACH’S CORNER for video review.

THINKORSWIM USERS –Chart share links for ES_F , NQ_F , YM_F , CL_F , GC_F – levels here for download to the ThinkorSwim platform


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If you find yourself being chopped up, widen your time frame or take time away from your screens. This is a time when less is more.

We are in trending retrace of support as traders (buyers in particular) will need to strengthen their positions to defend the tests of deeper support. This means that deep dips could continue before a move upward takes hold. This is a whipsaw grind with tests of both support and resistance ahead and we are seeing how savage the retracements can be, but bullish traders will attempt to be bold once more. As long as we hold or recover the area near 3451- 3492, we remain in a path that shifts us north and we are much more likely to trend into 3515.5 and beyond into higher Fibonacci targets of 3585, else we slip back into the shorting zones and supports in our range near 3291.75 and lower.

Intraday LONG trading from support edges like ABOVE the VWAP or tight moving averages will give you the least risk event for engaging – removing your trade at resistance will allow you to participate – understanding that countertrend bounces can be swift and sharp but will likely fail under the broken structure of the market.

Intraday SHORT trading from resistance edges like the old highs or bigger moving averages will give you the least risk event for engaging. Follow the candle trend until candles stop breaking higher.

Here’s a link to the METASTOCK software– you can have your own copy of Metastock to run these tests and setups using Target Rich Trades.

ES_F Sept contract
Target Rich Trades from MetaStock –

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