Direct from the desk of Dane Williams.
Being Sunday morning, there's really not much happening in traditional markets...
The lull does however, give us an opportunity to reevaluate some of our higher time frame zones across the various forex, commodities and indices markets.
One such market being, the S&P 500 sitting at trendline resistance.
SPX Daily:
"Well, another day into a worsening pandemic led recession and another gap up to open the week in equities."
I continue to highlight the irrationality of equities markets during a recession caused by a global pandemic that's killed millions, but but you know how the saying goes.
The market can remain irrational for longer than you can remain solvent.
Don't fight it, it is what it is. Go with the flow, not against it.
Anyway, the index held firm after gapping up, testing swing high resistance outside the trend line.
This is the zone we'll be watching this week for a hold or breakout, giving an indication of which direction we want to be trading in.
Enjoy the rest of your weekend, team!
Best of probabilities to you,
Dane.
FOREX BROKR | Hive Blog
Higher time frame market analysis.
Posted Using LeoFinance
You should never fight a market trend, just follow along until it turns and turn with it.
Good advice that.
I’d add trying to stay on the right side of higher time frame support/resistance too.
Always go with momentum, not against it.
Posted Using LeoFinance
True.
I prefere to sell option spreads outside the top and bot resistance's and collect Theta, Then close out when reistances are broke