Market Milestones: Cut the Bell Curve

[Image] Good morning ! The week started off quite bullish, propelled by positive earnings, including bullish gaps from BAC, UNH, and SCHW. MSFT was also powering higher early in the week from positive news regarding their ATVI merger. This caused the DIA to break through its overhead resistance for the first time in 452 days. The DIA continued to see strength and follow-through on Thursday, driven by JNJ's light saber candle and GS's bullish breakout. SPY and QQQ actually sold off on Thursday, with the QQQ seeing its 2nd largest down day in all of 2023, finishing the day down 2.31%. This was, in large part, due to gnarly bearish earnings gaps on TSLA and NFLX. Some may read the QQQ's 2nd largest down day in all of 2023 as a scary bearish event, but it really just highlights the insane bullishness that the QQQ has seen this year. Once the QQQ broke through the 50DEMA on January 11th, it only closed below it for 2 days, on March 10th and 13th, before blasting off again. A reversion back into the 50DEMA on the QQQ would make loads of sense at this point. Retesting back to the $355.00 level would do a few things. First, it would reach back into a great pocket of liquidity just under an epic bullish gap and go. This would stop out the bulls and get the bears roaring out of hibernation. That's when the market can bounce, raging back to new highs and stopping out the bears once again. Alternatively, none of that can happen, and this was just another one or two-day retest before another colossal bull move, predicated on more companies saying the magical two letters in their earnings calls: A.I. QQQ [Image]( Do you have a habit or practice in your trading that continually erodes your gains, caps your upside and limits your potential? It’s likely that you do whether you are conscious of it or not. There is generally so much emphasis put on enhancing our peak performance, finding our zone, honing our edge that we often overlook one of the simplest and quickest ways to level up our trading or any area of our life. That is to cut out the one thing that holds us back the most. This could be anything from fear to trade after a loss, to moving stops to early, to inconsistent risk size. Whatever the worst thing you do is, find it, and put it on notice that it’s time with you has come. By eliminating the worst performing side of our bell curve, we elevate our entire performance. If we can continually and incrementally do this, we will see radical new heights of success, achieving extraordinary results in our trading or any other endeavor we pursue. ETF of the Week This week’s ETF of the Week is iShares Silver Trust (SLV). SLV had an amazing pop from its Covid low, which also was a decade low, but has been stuck in a downward trending channel since late 2020. SLV recently bounced off of the 100 and 200 weekly and daily simple moving averages and put in a strong bullish candle last week. The open of last week’s candle as well as the long moving averages give us some strong support in the $20.00-$21.00 area. If SLV can retest down into $21.50 or $21.00 but hold the low at $20.45, that would give a great risk reward trade up to the $24.00 and $25.00, which are the next solid resistance levels. SLV [Image] Enjoy your weekend, Yates Craig, RLT & TPN Market Analyst Disclosure: You are responsible for your own trading decisions. ALWAYS, do your own research before investing in any of the above securities. This is not a solicitation to buy/sell ETFs or securities. NEVER invest money in ETFs or stocks that you can't afford to lose. You can lose all of your capital by trading any securities mentioned. These ETFs/securities are very volatile and gain and lose value quickly. We reserve the right to freely trade in any mentioned ETFs or securities. We are not compensated by any mentioned companies. We trade ETFs and securities based on our opinion of intrinsic/possible future value only. We are not registered investment advisors, so always do your own research before buying any securities. Unable to view? Read it [online]( If you no longer wish to receive mail from us, you can [unsubscribe]( Sent from: Real Life Trading in Nashville TN 37221