Minor Changes: Yesterday's and Weekend Comments Remain Valid
I don't want to overplay today's action as little changed in the broader scheme of things. Days like today are welcomed and help shape up swing trades for those trading in near term timeframes.
The tight doji in the S&P could be used for a swing trade; buy a break of the high/short loss of low - stop on flip side. High whipsaw risk but look for 3:1 risk:reward and maybe trail stops if deciding to go with partial profits.
Tech averages are still set up for a breakout. While not an ideal play, aggressive traders may look to short a loss of 6,445 with a stop above 6,450. Should the latter occur, look to take profits at the 50-day MA.
The Russell 2000 stalled a little before making a challenge on 1,450. Again, swing trade the doji and play for a move to 1,450 on the upside or 1,425 on the downside.
For tomorrow, watch how markets emerge from these doji and follow the momentum as determined by the market.
You've now read my opinion, next read Douglas' blog.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
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Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.
Follow Me on Twitter
Dr. Declan Fallon is a blogger who trades for fun on eToro and can be copied for free.
. I invest in my pension fund as a buy-and-hold.
The tight doji in the S&P could be used for a swing trade; buy a break of the high/short loss of low - stop on flip side. High whipsaw risk but look for 3:1 risk:reward and maybe trail stops if deciding to go with partial profits.
Tech averages are still set up for a breakout. While not an ideal play, aggressive traders may look to short a loss of 6,445 with a stop above 6,450. Should the latter occur, look to take profits at the 50-day MA.
The Russell 2000 stalled a little before making a challenge on 1,450. Again, swing trade the doji and play for a move to 1,450 on the upside or 1,425 on the downside.
For tomorrow, watch how markets emerge from these doji and follow the momentum as determined by the market.
You've now read my opinion, next read Douglas' blog.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
---
Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.
Follow Me on Twitter
Dr. Declan Fallon is a blogger who trades for fun on eToro and can be copied for free.
. I invest in my pension fund as a buy-and-hold.
