Another wild week that begs the question: do any of these moves make sense? Well, guess what? It’s okay if they don’t right now. Having those feelings of “no edge” can be frustrating. I look at a more bullish and yet conservative outlook heading into the end of the year. Every dip keeps getting bought, but we all know it’s more complicated than that!
In this video, I outline the wild moves we’ve had in the index, and briefly review what to look out for. There are some decent setups forming, but I’d prefer seeing Monday’s open. I want to focus on NVDA, LULU, GLD, and bio-tech into the end of year and for 2021.
While volatility will remain higher in a distribution market trend, the market has—since last Tuesday—indicated a bullish Directional Bias, and today’s action was a perfect example of focusing on the long side of this market, both intraday and end-of-day.
A few rules that will help you with trades: Stick with the long side intraday. Focus on the range lows defined by HPMRs and VScores. Remember that the YM is the best relative outperformer. I explain that and more in this update.
ROKU had a great move off their last earnings report, but needed a few days to digest the report. There’s a signal that might give us a move for tomorrow, and another that might give us a trade into next month.
The current market situation is mixed, to say the least. When we enter these phases it’s important to adjust your strategies accordingly. There’s no better way to do that than to step into the world of butterflies and their many variants. Let’s spend some time on a few of my favorites in tonight’s video review.
Zones for the daily and the 30 minute… we have triggered on a 30 for a swing trade, but please watch resistance on the daily on the way up.
While today may be an extreme example of the “AM”/”PM” trading approach, it is one that could make a big difference for daytraders.
