Based On Wednesday’s Action, Should You Now Buy With Both Fists?
On Wednesday, the Nasdaq got off to a slow start but soon
began to melt up. It consolidated throughout mid-day and then generally worked
its way higher for the remainder of the day. This action has it closing well, it
puts it near the top of its trading range, and it puts it above its 200-day
moving average.Â
The S&P put in a similar performance. It too is now
back above its 200-day moving average.
So what do we do? Wednesday’s rally was
impressive. It has most everyone wondering if this is the start of something
even bigger. Me? I “dunno”. So when will I jump in?–When I see the
indices decisively clear the top of their trading ranges and then have an
orderly pullback–provided this action doesn’t put them back into a trading
range. So far, so good though!
No setups tonight.
Best of luck with your trading on Thursday!Â
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. Learn my newest and most advanced version of my Bow
Ties Strategy. Click
here for details.
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