July 26th, 2024 This morning’s data was a non-event, and we go back to the regularly scheduled technical analysis. As I have been mentioning lately, this is a two-way tape that will have bullish momentum days and bearish momentum days. Today could be a bullish momentum day as the overnight low occurred right on the […]
July 25th, 2024 Slow things down and focus on your next trade. When we get busy in the markets, people often get caught up in more opinions or search for more information on the ‘why’. Less is always better. Your best trading will happen when you can slow things down, even when everything around you […]
July 24th, 2024 In a two-way tape like we are in, we are going to have bullish momentum days and bearish momentum days. For now, the sellers in NQ have momentum. Sellers in ES are gaining momentum. RTY is stalling, but the sellers do not have momentum. How do we as day traders trade this […]
July 23rd, 2024 Let the consolidation trade begin. The long-term bullish momentum is playing tug-of-war with the short-term bearish momentum, bringing us to a consolidation phase. As a directional trader, I do not see any edge in direction right now; the Indexes need time in this area. It seems like we’ve rarely had consolidations this […]
July 22nd, 2024 Focus on trading from price level to price level. The world is full of new headlines every day that can impact the market, alongside people who think they can predict what the markets will do based on those headlines. Having been day trading since the late ’90s, I can tell you with […]
July 19th, 2024 Rotation: Now prepare for consolidation. The ES has had a decent slide the past few sessions, and now it looks like we’re headed into a consolidation phase. I see a consolidation phase because the daily Bollinger Bands are pointing inward, and ES is sitting at my neutral area of 5592, along with […]
July 18th, 2024 Long the strong, short the weak. Reflecting on my early days as a trader focused solely on the ES index, I often felt pulled in many directions during divergent tapes like this. I learned that to be a successful index trader, I had to leverage these types of markets. Long the strong […]
July 17th, 2024 Rotation, not correction. The ES rotated back down to its 10-day SMA in overnight trading. The NQ rotated back to an AVWAP from the beginning of rollover, and the RTY has come off a bit but is still well above any technicals I watch. These markets remain extremely bullish, but as day […]
July 16th, 2024 Range expansion across the board as we enter another leg of this bull market rally. Range expansion is when I see the daily Bollinger Bands (20,3) expanding outward, and we have short-term daily moving averages pointing upward. We have that across the board right now, and it’s likely we see this rally […]
July 15th, 2024 The market is off to another bullish start this week, despite the unfortunate events in the U.S. over the weekend, including the attempted assassination of former President Trump and the loss of a firefighter, which breaks my heart. I don’t think these events would prompt sellers to step in, nor do I […]