Side by side you'll see the of the two most liquid markets in the world. The S&P500 and the Nasdaq.
With these charts I'd like to say Thank You for those of you who helped me realize my true trading edge is with these indexes. My win/loss ratio has improved greatly and I'm able to handle my trading plan with discipline.
Its safe to say market conditions are pretty lackluster in both Indexes and USD, but nonetheless, the S&P 500 is what I've spent a majority of my life studying. S&P holds my best trading edge. So forgive me followers for giving up on forex markets but I think the trade qualities validate my decision.
Is below its major level 2708 marked by two very solid levels of . The thicker EMA's show need for caution as the market is still in a state of indecision attempting to find the path of least resistance. is struggling around the 50 level.
is above its major level of 6560. Whats interesting is how this index has found a major level of confluence at a different Fibonacci sequence than the S&P . In fact the whole bottoming process has been much stronger for the Nasdaq. The thicker are strongly pushing toward the path being the path of least resistance. gives no hints either, struggling around the 50 level.
Here's what we're gonna do.
By the end of this week it will be obvious if this bottom is here to stay or if we are due to test the lows again. Any positions should be carefully considered as a direction has NOT been defined. Trades will be considered on a day to day basis and should be smaller position size given the market uncertainty. Longs preferred depending on S&P's reaction to its major level.
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