It all depends on your time frame. The overall trend is
still Bearish until we break above to new highs? Short term
I would say there is a bullish Bias (next couple of weeks), the key
will be all the earnings and GDP towards the end of this month.
I trade a 5 min chart during the day, so today there was a
bullish bias, so I would buy into the dips during the day and then
today I went short near the close because the market is overbought,
up against some hard resistance on the Daily chart. Monthly
and Weekly charts are still bearish. I follow the overall
trend for my bias on trades. Then you can be bearish on
certain sectors (real estate, Retail and be Bullish on Healthcare,
Grocery chains, Costco, etc..). That is why Matt and Steve
have different trading systems too, to fit your style. But
again, it is all relative to your trading style, parameters,
etc...in my humble opinion.
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Not sure why so many
SPX 60 View Updated
Posted by tgo5043 on 14th of Apr 2020 at 03:08 pm
Not sure why so many want to short the market. Price action is not bearish.
It all depends on your
Posted by ssaffer on 14th of Apr 2020 at 05:37 pm
It all depends on your time frame. The overall trend is still Bearish until we break above to new highs? Short term I would say there is a bullish Bias (next couple of weeks), the key will be all the earnings and GDP towards the end of this month. I trade a 5 min chart during the day, so today there was a bullish bias, so I would buy into the dips during the day and then today I went short near the close because the market is overbought, up against some hard resistance on the Daily chart. Monthly and Weekly charts are still bearish. I follow the overall trend for my bias on trades. Then you can be bearish on certain sectors (real estate, Retail and be Bullish on Healthcare, Grocery chains, Costco, etc..). That is why Matt and Steve have different trading systems too, to fit your style. But again, it is all relative to your trading style, parameters, etc...in my humble opinion.