From the Desk of Kimmy Sokoloff
The indices ran right to resistance yesterday only to get slammed overnight.
It’s a little bit of a tug of war right here between the bulls and the bears.
Expert technical analysis of financial markets by JC Parets
by David
From the Desk of Kimmy Sokoloff
The indices ran right to resistance yesterday only to get slammed overnight.
It’s a little bit of a tug of war right here between the bulls and the bears.
by David
From the Desk of Kimmy Sokoloff
$SPY and $QQQ are stuck under a lot of resistance levels.
There’s a possibility we break above those levels this week, but we must keep stops tight.
by David
From the Desk of Kimmy Sokoloff
It should be a little bit of a calm week, although we do get retail sales coming up.
Typically in mid-August we get a bounce.
$SPY still hasn’t closed its gap below at 442.97. I was looking for that last week, no dice.
by David
From the Desk of Kimmy Sokoloff
What a week it’s been, straight down for the indices.
Maybe next week we get that mid-August bounce.
Today I had four wins and four losses.
Keep in mind my shorts are a fraction of my longs, so, yes, they were losses, but my wins were larger.
by David
From the Desk of Kimmy Sokoloff
We have PPI out this morning, and CPI yesterday didn’t bode well for the market.
We really haven’t had a market rally in over a week. The market tried yesterday but failed.
by David
From the Desk of Kimmy Sokoloff
The rally we had this morning completely faded.
We’re still stuck under major resistance.
The more time we spend below can send us lower.
by David
From the Desk of Kimmy Sokoloff
The indices had a dead-cat bounce yesterday afternoon, then rolled back over.
We have CPI data for July coming out at 8:30 a.m. ET.
I’ll wait till after the print to see how things look.
by David
From the Desk of Kimmy Sokoloff
This morning I mentioned in the Live Trading Room that if we fill the gap on $QQQ down to 368.63 we can potentially have a bounce trade.
That’s what happened, and $SPY bounced as well.
I alerted the room at 12:35 p.m. ET that both indices can rally at least a point.
I was slow on entering short trades, as the market was moving slowly.
We’ve got CPI tomorrow morning.