July 31, 2022-Emini S&P 500 Weekly Market Flow Breakdown with Responsible Day Trading
Aug 01, 2022Hello friends! Can you believe that it is already August? Before we know it, Christmas will be knocking at our doors—eek! So let’s get ourselves prepared so we can all the gifts our loved ones deserve!
So the market started off with a bang as it opened up today. It shot up really quick and then smashed to the downside. We’re currently only a few bars in on our bigger charts and I’m not sure this move down will be long lived. We’ve had a lot of grinding to the upside over the last few days and it pushed the price RIGHT up to the large EMA on the Daily chart—exactly where we expected it to go.
Now the questions are—will that area hold and will the market continue with push down after this? Since this is a large area that could be considered for a bounce and since our larger charts haven’t shifted up yet, I would expect nothing less than a hold and some grinding at the area before it makes the big decision. There is nothing I’d love more than making new highs, but let’s see if it happens!
Just a little side note—today we talk a lot about how I read the MACDs and why the tick counter is SO very important to me. So much can change before the close of that bar and being aware how many transactions are left can be the difference between profit and loss.
Well my friends, I hope that you all have a fabulous week! Please be kind to one another—but more importantly, be kind to yourself! Much love!
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