Monday Feb 20, 2023 Weekly Emini S&P Market Rundown and What to Expect with Responsible Day TradingFeb 21, 2023
Hello my friends! I hope that everyone had a nice, relaxing Monday—especially since the market was closed most of the day. Now, we do have a lot of news coming up this week and one of those items is FOMC. Now, while I don’t say you MUST be out during news, this is always a good one to sit on the sidelines for. You never know what is going to happen and I like to give it 15-20 minutes before and after just to be on the safe side for that one. Sometimes absolutely nothing happens and others will blow your mind as you watch the market spike through your stop without taking you out.
As we start out this week, all charts, except the Daily chart, have definitely shifted to the downside. Now we do have some areas below us that may hold but the more I look at it, the more it seems like the Daily is making an M-Pivot to support the downward movement. We can still watch these areas of support and pay attention to how the MACDs are behaving at those area in order to anticipate if they’re going to hold to create higher pivots—or if the M-Pivot is going to smash this sucker to the downside.
Patience, planning and persistence (as my yoga instructor would say) will keep you moving forward. So make sure you’re patient for the set-up, you know what to do when you get there and you constantly work on improving your game. It’s the best way to stay in the game and live to trade another day.
Alright my friends, I’m getting ready to head out of town so I don’t anticipate being around much this week. This may mean no trading video but if I can get a little time in, I will definitely share it with all of you! Much love my friends and remember those 3 P’s so I can look forward to catching YOU on the profitable side!
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