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Wishing you a cheerful Sunday ☀!
In this week’s newsletter, you’ll read about…
💬 My weekly stock market overview as we reflect and prep for the week
💻 Learn from other trader’s mistakes. What this guy did wrong?!
📈 The obvious winners and losers and 3 Trade setups for the week
📖 1-Minute 💭 : Weekly recap
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Proceeding With The Reading:
Traders work on the floor of the New York Stock Exchange (NYSE) in New York. Brendan McDermid | Reuters
The U.S. market has been supported on dips for about 3 months now. Outside of the pullback in October 2023, the past 2 months have shown us that the new norm, until broken, is to defend $SPX 4500s. The trend can continue higher unless broken.
E-mini chart
Am I buying dips?
It comes down to the language of the Federal Reserve and trading psychology. As long as the Fed continues to present the idea of cutting rates in the Spring/Summer of 2024, the market will be very bullish.
In fact, even when there are doubtful comments from politicians, retail traders, and investors do not believe a single word.I am not taking huge risks because the companies I am interested in are not trending or breaking through highs like $NVDA and $MSFT. Many great valued companies have been beaten down, which makes it great for equity swing trading.
This is a heavy data week, so things can change quickly. If the Fed isn’t considering a reverse pivot, the market may trade higher mid-term.
Flashback 💭
I wrote a post a while back that mentioned we wanted to wait for Resistance-turned support. I knew if this occurred in a larger timeframe, bullish traders would be rewarded! (view post)
Posted on November 29, 2023
What’s Next?
Key dates are circled. Our levels and trade ideas are here!
✨ Winners of the week
and losers
🤔 Learn From Others
What did he do wrong?
Didn’t take profit when green
Failed to trim profit a second time
Failed to acknowledge you cannot gain all of your losses in one trade (not all of the times
Had too wide of a stop loss and was delusional about the market being wrong when it started trending upwards.
The plan was faulty, and here’s why. When day trading, ONLY take trades that can x5 or more. When you enter these trades, you take 5-10 points in the direction of 20+. In this case, take profit on 60 points in the direction of that 200-point drop you were hoping for.
Here is an excellent example on our X feed.
✍️ for Reflection
Leave comments below.
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Upcoming Tuesday & Thursday Edition:
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🏢 Are Chinese stocks a buy during their Economic Recession
🏦 Notable upgrades and downgrades by institutions like JP Morgan
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3 Trade Ideas + Day Trading Levels
Our 3 setups include /ES (can use $SPY options), $TSLA and $NFLX
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