What To Watch This Week

The S&P is creating another fishhook on the chart, but there are key things to watch. Don't start getting too long just yet. Back in May we saw the S&P make a dash through it's 10 day moving average and then crab walk for a week or so. It never picked up the steam to get to or break the 50 day moving average or find the momentum to move the MACD above zero. IF (and yes the all caps are intentional) IF we are seeing a reversal we have a long way to go to get the kind of confirmation we would need to start looking at long positions. [Advertisement--When momentum gets exhausted, this pattern pays out. Check it out here.]( If we get above 4,000, then it is time to start looking at every possible confirmation we can find of a reversal. Until then, hold on to your shorts. If you are in a short position, this is the type of move that will test your mettle. Lee Gettess has some of the best tools to confirm when a trend is wiped out and is ready to reverse. If you haven't seen his stuff yet, now is the best time to take a look. Keep learning and trade wisely, John Boyer Editor Market Wealth Daily See Related Articles on [TradeWinsDaily.com]( [What To Watch This Week]( [SPY Bounce Offers Smart Trade]( [‘Buy Zone’ Alert for BancFirst]( [How Low Can Airlines Fly?]( [CYTK Flashes PowerTrend ‘Buy’ Alert]( --------------------------------------------------------------- [TradeWins Logo]( © 2021 Tradewins Publishing. All rights reserved. | [Privacy Policy]( | [Terms and Conditions]( | [Contact Us]( Auto-trading, or any broker or advisor-directed type of trading, is not supported or endorsed by TradeWins. For additional information on auto-trading, you may visit the SEC's website: All About Auto-Trading, TradeWins does not recommend or refer subscribers to broker-dealers. You should perform your own due diligence with respect to satisfactory broker-dealers and whether to open a brokerage account. 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