Cash Is King
I started last week with a good number of trades on, and while I still see a lot of good looking set ups, I find that I am slowly going to Cash. Some trades I cashed out of and others I got stopped out. Lets look at the charts and discuss future possible opportunities.
SPX- High volume reversal . Why was volume so high? Is this going to just be a back test of the break out & 50sma, or does that volume indicate a larger drop? We will know soon enough.
SPX WKLY- Doji candles can indicate indecision, and for the 2nd week in a row, our weekly chart is a doji.