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Signals & Trading Plan for Thursday 8/15/19

8/14/2019

1 Comment

 
Updates from market internals
All market internal indicators sent out a very bearish message today.  Their patterns indicate there will be a lot more selling ahead.

However, despite this underlying bearishness, don't underestimate the market's ability to stage a short-term rally that rises through multiple resistance levels.

You may have noticed since August 5, we have had some sudden wild surges and drops, followed by prolonged consolidation in a particular price zone.  This type of behavior is typical in a turbulent market, unlike the steady upward stair-stepping pattern of a calm up trend.  

These consolidation zones in the current turbulent market are where bulls and bears battle it out, until the winner emerges to take prices in a new direction.   So rather than chasing prices up or down during the wild swings, we should wait for consolidation to take place, and look for signs of the early winner.   That is a good time and place to enter our positions.

Table of support and resistance levels
The S/R table below show where the battles may occur tomorrow.
...

The rest of this article covers:

Table of support and resistance levels
Trade scenarios to plan for

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1 Comment
Shouvik Chakraborty
8/14/2019 09:44:41 pm

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