I am recording this one from San Francisco, where I am teaching my 2 hour master class at the MoneyShow. It turns out this is a pretty good week to be traveling, because we are stuck in a sideways market that is doing a whole lot of nothing.
On the surface, the S&P 500 looks fine. It is sitting near prior highs and resting right on the daily 21. Drop to the hourly chart, though, and the picture gets murkier: the Moxie Indicator is below zero and price is bear flagging into the underside of a downtrending hourly 50. That is a play defense tape, not a get aggressive one.
In this video, I break down what the leaders are telling us. Amazon is drifting after its post earnings drawdown, SpaceX could be setting up a trampoline move or just finding resistance, and Bloom Energy got a pop on the Pelosi headline but still has no trend. Add Nvidia earnings ahead, poor seasonality, midterms, and a doubled bond buying program, and you get a market stuck between weight and lift.
Sometimes the hardest trade is no trade, and this sideways market is making that case. Watch the video and I will show you exactly why I am toning it down with the market this week.
Your Profit Pilot,
TG Watkins
When the market goes quiet like this, the traders who thrive are the ones with more than one tool. Heather’s swing scalping approach is built for grabbing shorter, cleaner moves without needing a big trend behind you. If you missed the live session, the replay is up now.
