Pulling in the Reins
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Dave Portnoy of Barstool Sports has been active on Twitter documenting his foray into trading.
This video brilliantly captures the wave of emotions that every trader will experience at some point of his journey.
It is two and a half minutes long and will make you laugh. Click here
“Anybody can do this game” “DDTG “STONKS
— Barstool Sports (@barstoolsports) April 15, 2020
MARKET REVIEW
A review of the market shows that the daily candle of a number of indices and major stocks is on a TD Sequential 8 or 9 count.
The TD Sequential indicator is designed specifically to predict potential price exhaustion and likely price reversals.
A TD Sequential indicator rule of thumb is that once a 9 count is completed, a 1 to 4 candle price pause, price pullback, or reversal is likely.
A number of traders on Wall Street use this indicator and it can be effective in predicting price reversals.
I will be taking profits and most likely exiting my long trades in the next day or two.
Let’s look at some charts.
Please note the time of each chart. They are created midday and may change by market close.
S&P 500 Index (SPX)
The SPX was on a TD8, however, it currently has flipped to a red 1.
SPY (SPDR S&P 500 ETF TRUST)
NASDAQ-100 Index (NDX)
Dow Jones Industrial Average (DJIA)
While not on a TD 8, lately the DJI seems to be leading the S&P 500.
TSX Composite Index (TSX)
The TSX looks like it is flipping to a red 1.
GOLD
SPDR Gold Trust (GLD)
APPLE (AAPL)
AMAZON (AMZN)
GOOGLE (GOOG)
MICROSOFT (MSFT)
That is all for now!
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Klarenbach Research: klarenbach.ca
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