Afternoon Scoop
What a day! After a few weeks of relative calm, it was great to see stocks rip higher. We talked earlier about the need to resolve higher at the morning levels, and we definitely did that. It was a welcomed move and made for a fun day of trading.
Markets
- S&P 500 futures update: This morning, the market briefly dropped below key levels, but then made a sharp U-turn and started climbing. Notably, we cleared the 200-day moving average on the hourly chart, which is a positive signal for an upward trend. It’s encouraging to see this move to the upside, and we’re hoping that this momentum will continue to hold.
- Forecast: The market made a significant move today, and given that it’s Thursday and the end of the trading week is approaching, we may not expect to see any major developments tomorrow. It’s possible that we could see another upward trend, but I don’t anticipate it being as significant as today’s movement.
Chart Analysis
Today, AMD proved to be a clear winner in the market. After yesterday’s breakout, it rose over 7% and continued to climb throughout the day without showing any signs of weakness.
Daily Wrap-up
Today was the day you are waiting for as a trader, I missed out on some opportunities that I had been waiting for. I found myself experiencing analysis paralysis and panicking. Unfortunately, I was preoccupied with too many prior levels that should not have been on my screen. This clouded my judgement and prevented me from executing my strategy. However, I have noted this experience in my journal and we move on, that’s the job! Let’s prepare for tomorrow and finish on a positive note.
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