Update: Swing Trading Short-TermWe're above in 'overbought' zone on all three key indexes and got the crossover to potentially see a minor pull back now. Any new positions should be small.
NCFD trade ideas
Tip: "Stock Above 5-Day Average" ChartHappy New Year Folks! Wish everyone here a profitable 2025.
One of my tools I use to look for favorable swing trading is the "Stock Above 5-Day Average" chart. In it, I can see where we are in the cycle of swing trading. I like to start looking for new setups when we are under the 30 line and starting to cross the 3-day moving average (white line). It's not a perfect tool, but it puts the probabilities to my advantage. So having said that, I am seeing that the Russells 2000 had a crossover alerting me to consider small caps to swing trade. **Coming Soon... YouTube.
New Setup: QQQ Update"Courage is resistance to fear, mastery of fear, not absence of fear." QQQ: Only 6% of stocks are trading above it's 5-day average. Also the last time we saw such extreme levels lately was back on Aug 5th and Apr 15th. If you take a look at the QQQ chart, April 15th did continue to pull back like the SPY, but on Aug 5th it quickly bounced. So for right now the name of the game is to hold tight and be patient. Wait until I see the Markets start to get ready to close above its daily 5sma before looking for new setups.
FYI: NCFDFolks, keep an eye on NCFD daily chart, for swing trading it help me prepare to get offensive or defensive.
My Observations: QQQHey folks, I'm seeing on the chart we are oversold and I am now looking for a crossover. In addition when I see QQQ closing above the 5-SMA soon, I will start to look for new positions to enter. Wish me luck!!
