Emini S&P500 Entered the Resistance Zone Oct 22, 2015
By Lawrence
As explained on Sunday, Emini S&P500 is about to challenge the first quarter mid zone. Here we are, right there inside the zone. The fight has been messy but it is all expected.
What to Expect from Here
Well, since we are talking about weekly level resistance here, Emini S&P has a tough job this week to stay above previous week high by this Friday close. Even if Emini S&P managed to close positively this week, there is still the chance of a false breakout on weekly basis.
In other words, the stock market is strong, but not as strong as many thinks. The push higher so far are all short squeeze driven and such rally is not sustainable. Only if the squeezes manage to clear the major resistance above, the stage will be set for a year end rally after a decent pullback on daily level.
The key to trading successfully in this environment is to forget about daily level swing trading and focus on day by day intraday moves. Volatility is on the day traders’ side. As long as you have learn to trade properly, there is no reason why you cannot perform well in this environment.
Emini S&P500 Entered the Resistance Zone Oct 22, 2015
As explained on Sunday, Emini S&P500 is about to challenge the first quarter mid zone. Here we are, right there inside the zone. The fight has been messy but it is all expected.
What to Expect from Here
Well, since we are talking about weekly level resistance here, Emini S&P has a tough job this week to stay above previous week high by this Friday close. Even if Emini S&P managed to close positively this week, there is still the chance of a false breakout on weekly basis.
In other words, the stock market is strong, but not as strong as many thinks. The push higher so far are all short squeeze driven and such rally is not sustainable. Only if the squeezes manage to clear the major resistance above, the stage will be set for a year end rally after a decent pullback on daily level.
The key to trading successfully in this environment is to forget about daily level swing trading and focus on day by day intraday moves. Volatility is on the day traders’ side. As long as you have learn to trade properly, there is no reason why you cannot perform well in this environment.
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