S&P Analysis Week of 11/21/2020: Thanksgiving Week
How will the shortened trading week affect the markets?
It's Thanksgiving week in the U.S. and that means markets will be closed on Thursday, a shortened trading session on Wednesday and usually a light volume day on Friday. The meat of the trading week will most likely come on Monday & Tuesday. Anything can happen though so just be ready for any volatility this week.
Last week did not have much action (a lot of sideways movement) so there wasn't much of trading for me.
Price did, however, form a triangle wedge pattern. These are unpredictable in my opinion so it is better to wait for price to breakout or breakdown (with retest confirmation).
I've marked the different trade setups I will be looking for going into the trading week.
REMEMBER TO NEVER PLAY THE BREAKOUTS. Wait for the confirmation.
"When it feels really right it's probably wrong and when it feels very wrong it's probably right."
Good luck, be careful and don't forget to hit the like button.
Background: I try to keep my charts as simple as possible with focus on the major resistance and support lines which has served me well. I don't not use any indicators (moving average, volume, oscillators, etc.) or complicated methodologies (i.e. Elliot Wave Theory) which can be difficult to predict price and provides false indicators.
It's Thanksgiving week in the U.S. and that means markets will be closed on Thursday, a shortened trading session on Wednesday and usually a light volume day on Friday. The meat of the trading week will most likely come on Monday & Tuesday. Anything can happen though so just be ready for any volatility this week.
Last week did not have much action (a lot of sideways movement) so there wasn't much of trading for me.
Price did, however, form a triangle wedge pattern. These are unpredictable in my opinion so it is better to wait for price to breakout or breakdown (with retest confirmation).
I've marked the different trade setups I will be looking for going into the trading week.
REMEMBER TO NEVER PLAY THE BREAKOUTS. Wait for the confirmation.
"When it feels really right it's probably wrong and when it feels very wrong it's probably right."
Good luck, be careful and don't forget to hit the like button.
Background: I try to keep my charts as simple as possible with focus on the major resistance and support lines which has served me well. I don't not use any indicators (moving average, volume, oscillators, etc.) or complicated methodologies (i.e. Elliot Wave Theory) which can be difficult to predict price and provides false indicators.
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