I expect us to ping between these values as the market backtests and struggles while buyers come into the market pushing it higher. However I think sentiment has notably shifted for your more active traders - (semi-smart money) vs. your passive investor. Earnings are coming up and given the recent selloff I think it should be an active traders dream range of trades to work with. I used a line chart here. I typically haven't in the past, but I like how much the line chart cuts out the noise. Goodluck out there gentlemen, it's a traders market again. Just like earlier in the year.
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I forgot to minimize indicators, I've got a new one coming with them minimized.
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Some longer term perspective can help
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Expected Moves for this week based on Options Positioning. $72 move is largest in many months. Financials earnings and full economic schedule should help add to expected volatility.
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We are currently stuck in mud going nowhere in the Red Zone. Plenty of room to travel to the upside, but a cautious approach going forward into the end of the week is recommended. More room to travel to the downside, and Bulls have yet to prove that they've regained control of this market. Will continue updates in the days to come.
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Chart for Next Week's Expected Move. Goodluck Gentlemen
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