The Daily Market Forecast
Wednesday’s Best S&P Turning Points Results: Neither trade suggestion triggered.
Quick Tip: Experiment More
Imagine you’re attending a trading conference. You’re one of hundreds of traders watching the presentations, talking to vendors at their booths, always looking for some new edge to add to your plan.
If you asked everyone you met, and they were honest and transparent with their answers, “What tools do you use to trade?”
Here’s what you’d hear: Price action, chart patterns, fundamentals, supply/demand, moving averages, volume, RSI, MACD, CCI, ATR, Stochastics, Bollinger bands, ad infinitum.
The fact is, other than fundamentals, they are all looking at the same core variables; price, time, volume, displayed differently.
You’d likely hear discussions among them about why their tools are better. And everyone would be right! Their tools are better… for them.
We’re all different in the way we perceive and learn. One tool may not “communicate” to you yet another may seem like the Holy Grail.
If you’re new to trading or struggling with your results, your best time investment is to experiment with many different methods and views in simulated trading. Find the one that resonates with you. Find your “Aha!” moment and then do the research to uncover how to get some edge from your chosen tools.
Robert Colby’s Encyclopedia of Technical Market Indicators is a treasure trove of research. 800 pages covering 127 technical indicators tested over all available historical data (at the time). There are plenty of solid answers in those tests for you find your favorites.
The World Sentiment Index: (+100/-100) DROPS from -14 to -57 with all major world markets leaning bearish. Historically the market closed lower from the open 56% of the time with drops 20% larger than gains.
Catalysts: Jobless Claims @ 8:30. Recession talks should proliferate.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3891.00 stop 3896.75.
Buy 3736.75 stop 3731.00
Trade Fearlessly,
Mike Siewruk
P.S. Multiple strategies, software tools, teammates, and coaching. Learn why you should join our team here. For a personal consultation to assess fit (without selling) email me for an appointment: mike@thedailymarketforecast.