The bulls should continue to push this market higher, despite the selling seen today.
Sure the market is overheated and overbought, but it can stay that way for quite some time, before rationale minds start to take profits.
The SharePlanner Reversal Indicator, has been great on the bullish side of things for years now. When a bullish reversal triggers, it usually leads to a significant increase in price across all the indices. So when I highlighted two weeks ago, that we were prime for a push higher, I was feeling quite optimistic about our chances for a rally, and that is exactly what we got.
Right now, the reversal on the indicator has reached the median point, and likely there is more upside to be had in the coming weeks as a result.
Here’s the SPRI:
Welcome to Swing Trading the Stock Market Podcast!
I want you to become a better trader, and you know what? You absolutely can!
Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
#2: Keep the Losses Small
#3: Do #1 & #2 and the profits will take care of themselves.
That’s right, successful swing-trading is about managing the risk, and with Swing Trading the Stock Market podcast, I encourage you to email me (ryan@shareplanner.com) your questions, and there’s a good chance I’ll make a future podcast out of your stock market related question.
New traders often burden themselves with the need to make trading fun and exciting, when in reality successful swing trading is all about making it as boring as possible. In this podcast episode, Ryan explains why it is so crucial to make trading as boring and dull as possible and to avoid the need to make trading thrilling and adventurous, because the latter will keep success out of reach.
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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.
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