We're "officially" in a recession. Something that seemed obvious to the markets these past few months. Where do we go from here? The markets tried to sell off late this afternoon, but turned around on a surge of volume. It "feels" like the markets could head higher from here, but the daily charts show up days on lower volume with today's session leaving us with a hanging man candle. Check it out:
Q's Overhead resistance with the 20EMA, more of a doji here.
SPY 20EMA overhead resistance, hanging man-like candle here.
DIA settled above the 20EMA, more hanging man like on this candle.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.