Here’s a trading exercise to sharpen your chart reading skills.
If you look at the S/R table projected for today Monday, you will find that $SPX $NDX SPY QQQ TQQQ all pretty much gapped up this morning right into Resistance2 (from yesterday’s post) …. And they stayed there pretty much all day.
Now go back and look at the TQQQ hourly chart for Surge7 we posted yesterday. Can you identify where the comparable (1), (2), (3), (4) and (5) are likely to be on the current TQQQ hourly chart?
The answer is at the end of this blog post.
The point of this exercise is to show you that this kind of pattern tends to repeat itself over and over again. We explained to you in yesterday’s lengthy post how to trade this kind of market, or more precisely, how to conquer your conflicting emotions in this kind of market.
The rest of this article covers:
Table of support and resistance levels
Projections from market internals
Planning your trades
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