Hello SpikeTraders,Markets gapped down, testing the February/March lows. They reversed and formed a V-1 trigger, closing near the highs of the day. The S&P had traded down as low as 4200 before reversing around mid-day and rallying in the afternoon to form the V-1 reversal bar. Let’s look at the charts…
Hello SpikeTraders,Markets hit weekly resistance on Thursday and reversed and sold off, never looking back and closing near the week’s lows. The Dow Jones INdustrials closed down nearly 1000 points on Friday alone. All three major indexes fell more than 2% on Friday after some whipsaw moves caused by surprise earnings news. As more economic data increased the certainty that aggressive near-term interest rates would be rising, markets began to falter. There was one key piece of data that you always hear me repeatedly comment on when markets are trying to find a bottom, and for a new trend to form, new monthly Lows must fall below 500 and remain below 500. Let’s look at the charts…
This week Steve S. wins Gold with a 4.83% gain trading long TQQQ, Louis C. wins Silver trading long NEXT with a gain of 3.30%, and David C. wins Bronze with a gain of 3.19% trading long TSLA.
Hello SpikeTraders,A reminder that the next Password class will be next Wednesday, April 27th, at 6:00 pm EDT. Please register for the class to receive the link that evening. Alex will be teaching the class on Trader’s Housekeeping.Markets closed higher, trending up most of the day and closing near the highs. Strong earnings reports were a positive catalyst despite warnings of a global economic slowdown. The positive earnings catalyst will be short-lived if a slowdown is in the cards down the road. Let’s look at the charts…
Hello SpikeTraders,Markets ended slightly lower after a choppy trading session as the markets get ready for busy earnings reporting over the next couple of weeks. Les s than 10% of S&P500 companies have reported earnings so far and about 3/4ths of those reports have beat estimates. Let’s look at the charts…
This week Rich N. wins Gold with a 6.46% gain trading long ARCH, Nick V. wins Silver trading long LYB with a gain of 3.54%, and Francis D. wins Bronze with a gain of 2.87% trading long INVH.
Hello SpikeTraders,Markets stalled after the initial opening and closed near the lows of the day. Economic data showing a jump in inflation and The consumer price index rose 1.2% last month, the largest increase in over 16 years and almost assuring a 50 basis points interest rate hike from the Feds next month. Let’s look at the charts…
Hello SpikeTraders,Markets fell lower, breaking down crucial support areas as the Dow closed lower 413-points and the S&P500 closed at 4412, breaking well below 4500 levels. There are a lot of concerns over inflation, oil prices, and the continued Russian invasion of Ukraine, as well as the Fed’s path to rising interest rates. There are being little catalysts to generate demand for long periods. Let’s look at the charts…
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Hello SpikeTraders,A reminder: all US markets will be closed on Friday, April 15, for the Good Friday holiday. We’ll have a four-day trading week.Next week will be busy with the Q1-2022 earnings season reporting. Technically markets are fighting to hold key support areas as new monthly lows begin to increase above 500, levels we have been mentioning to watch closely. We will want to pay close attention to these earnings reports providing a positive or negative catalyst going forward. If we start seeing misses and lower guidance as technically key support areas are breaking down, the selling pressure will increase, and a move to test the March lows is likely. Let’s look at the charts…
This week Nikolas D. wins Gold with a 3.45% gain trading short WES, Louis C. wins Silver trading long NEXT with a gain of 3.33%, and Rich N. wins Bronze with a gain of 0.37% trading long HCC.