Today is Tuesday, June 29th and did not get the rally but the sell off as the Index’s drop across the board.
The Dow dropped 266 and the S&P over 30 points as we closed near the lows of the day. Yesterday I was expecting a rally and it did not happen. We put in an inside day which generally will cause the market to move big once either end of the range is broken. I pointed out that if 1066 got broken, then we will sell off, but should stay above 1042. We pushed the limit on the lower end going through that level briefly and closing right on top of it in the cash S&P and slightly below it in the futures. I will give the market a little wiggle room here and point out, if we get more of this selling tomorrow it should only feed on itself for some time.
The glimmer of hope is that we are flirting with a buy signal on the sentiment survey that I follow. With today’s sell off, it could drop the numbers into an extreme position, but won’t know that until tomorrow. If there is a change worth noting, I will put up a short blog post noting that early in the day. If there is no signal change, I will skip it and post the numbers in the evening.
No trading for me today as I am taking a break for a while. It would have been a good day to trade, but having the ability to not trade is just one more discipline I get to develop.
I do have a video below of the turning points as identified just by a couple of my indicators. Trading is a lot more involved than excellent indicators, but they can help. We teach and follow price movement apart from indicators. I know I have said that many times, but it can’t help be repeated. If you know how to read the price, you can write your own ticket. You will have insight into which trades to take and why. I would not be taking all the trades as identified below, but there is nothing wrong with any of the entries. The smaller time frame complements this chart and makes it easier to get in at these turning points. I can show more data with this larger chart, something different than I usually show.
Good Trading and be safe !
Related posts:
- “TURNING POINTS”, what are they ?
- Key Stock Market Turning Points
- Market Turning Points
- Today’s First Hour Turning Points
- Trading Tuning Points – S & P Emini & Two Stocks, Video !
Tags: sell off, trading indicators, turning points
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