The tail of two indexes_S&P 500_Nasdaq_Can we get long yet?
Traders.
Side by side you'll see the daily chart 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.
SPX500
Is below its major level 2708 marked by two very solid levels of Fibonacci confluence. 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. RSI is struggling around the 50 level.
NAS100
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 EMA are strongly pushing toward the bullish path being the path of least resistance. RSI 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.
If you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated! Disclaimer: Your data may be different. Material is educational only. Trade at your own risk!
Side by side you'll see the daily chart 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.
SPX500
Is below its major level 2708 marked by two very solid levels of Fibonacci confluence. 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. RSI is struggling around the 50 level.
NAS100
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 EMA are strongly pushing toward the bullish path being the path of least resistance. RSI 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.
If you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated! Disclaimer: Your data may be different. Material is educational only. Trade at your own risk!
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