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Expecting More Movement UP on the Emini S&P 500 after a Strong Pullback w/Responsible Day Trading

Jan 08, 2024

Hello and welcome to 2024 my friends!  I took the last week off of the market and enjoyed bringing in the New Year with friends in Mexico. I had plans to bring out my laptop and see what the market was telling me, but I decided to just take it easy for the week.

So, in that time, we saw an incredible move back to the downside, which brought price back towards the area of the Daily chart EMAs.  After having so much distance back to the EMAs and seeing the slow, white BBs in the RDT MACDs, this was definitely something we could have expected.  This allowed the price to give us a good area to pullback and push back up, while it also allows the MACDs to “reset” and gave more space to run back up.

What has to be determined now is, will this be enough of a pullback to help the market trend back to the upside, reaching up near our all-time high?  Will we see this start to create a micro-trend to the downside in order to pull the price back in close to the EMAS on the Daily chart?  OR will this be the start of an entire trend to the downside.

In reading what I’ve seen so far, I’m going with B, micro-trend to the downside until it begins to move back up.  But if I’ve learned anything about the market, it’s that we never assume.  We watch, wait and stay present in the moment in order to avoid trying to force the market what we think it SHOULD do, over what it is actually doing.

Well, that will wrap it up for this week my friends.  I will be around much more often these days and I do hope to spend some more time trading with you.  We are also planning some live events here at RDT, so we will let you know when those are set in stone so that you can be a part of them! 

Much love traders and I look forward to catching YOU on the profitable side!

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