Learn the top strategies for trading all time highs and managing risk.
Many equities and indexes are at or near their tops. Trading all time highs (ATH) can be a risky proposition because there is less historical data available at these levels.
Join ChartPros for this informative and potentially money making/saving webinar replay to help boost your trading confidence, consistency, and trading results.
Once again the S&P 500 (/ES) is our chart of the day ahead of the final scheduled news catalyst for 2023 - the FOMC Statement and follow up press conference with Fed Chair Jerome Powell starting at 2pm eastern today.
Last FOMC Day the S&P 500 futures (ticker /ES) initially spiked up 15 points, spiked down 20 points, then surged 45 points all in the 2hrs after the FOMC statement and follow up press conference.
Be prepared for similar volatility this afternoon... before then anticipate potential choppy or sideways price action.
See How This ChartPros Trade Room Member Used Apex Trader Funding to Earn Over $1M in the last year!
Vince Koehn, a long time ChartPros Trade Room member talks about his success with Apex Funded Trader program.
We frequently get asked about various funded trading programs and we've reviewed plenty of them but historically never participated in or recommended any of them.
Align your actions to your trading goals and focus on the process rather than the outcome.
Trading can be very challenging, that is true. But an analogy we like to use a lot is it’s very similar to learning how to drive a car.
Read more only if you'd like to learn how to add more consistency and confidence to your trading.
LET'S GET READY TO RUUUUMMMMMBBBBBBLLLLLLEEEEEEE!!!!
Today we'll take a look at the weekly S&P 500 (/ES) chart where we can see a major upcoming decision that price will be making.
What's at stake is control for the bulls vs bears...
There's been a long running debate between the technical analysis chartists and the fundamentalists and both sides can make their case for being "right". Both sides often think that their way is best and the other side is full of you know what...
Since no one can predict the future how did the recent Federal Reserve's hawkish position on interest rates that's filled the news just so happen to occur during a time when chartists like us were anticipating a potential pull back?
(This is an updated post to include recent news and recent charts because this scenario occurs over and over again...)
So often I get asked "Tom, where do you think the market is heading?"
I start by saying the better question is "where could the market be heading?"
Because what I think doesn't matter to price action and no one knows with any certainty where the markets are heading.
I don't make predictions, I don't call tops/bottoms however, I may react to price when it reaches a predetermined level of interest by trading or investing in that particular index, equity, commodity, Forex, etc.
Let's take the S&P 500 for example using it's futures ticker /ES...
While the New York Stock Exchange (NYSE) was closed Monday in observance of Memorial Day the global after-hours electronic trading system (GLOBEX) opened as normal Sunday evening at 6pm eastern time. And given the US debt ceiling headline news over the long weekend the S&P 500 futures ticker /ES gapped up about 20 points on the open to keep the bulls firmly in control.
On the current ES weekly chart I've only marked it up with Support/Resistance and Trend. Also known as basic structure. In this view traders can see that price often ping pongs between historical levels before proceeding in its next direction.
If you'd like to enroll in the same exact Introduction to Price Action Trading using Support/Resistance and Trend course that I took earlier in my trading career we're offering it at an incredibly low price this week revealed at this link.
By definition, a bear market is when price drops 20% or more from its recent or all time highs. So for the S&P 500 ticker /ES one could say that technically speaking the bear market is over because price is now approximately 15% off the all time high set back in October 2021.
But is the recent run up simply a "Bear Market Rally" or are the bulls firmly back in charge gunning for new all time highs? See this before your next trade!
You'll see the only Price Action tools needed that are native to every charting platform and how to apply them in the current volatile conditions.
As a BONUS participants will be introduced to the ChartPros Trade Entry Timing Tool that can be used anticipate market moves across a variety of timeframes and trading styles!
Recorded Thursday November 3rd, 2022 04:30 PM Eastern Time
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