Stock Market Wrap Up August 2nd Week 2016
Having broken out of a daily consolidation, the stock market's major indexes are slowly grinding and chugging higher. This kind of action is very good as the more it chugs higher and forms more consolidations, the more powerful this bull market will be. Lots of consolidation in the 60 min charts will provide lots of support in the future which even if a correction happens, it will not be easy for the bears to take control.
I do not see any weakness in the stock market yet, in fact I consider it quite healthy. So, the potential to make money will more likely to be on the bull side. As always I let the weekly, daily and 60 min charts tell me the health of the markets and then we will act accordingly.
For past analysis go to August 2016 Market Analysis
As always i'm so lazy writing what time frame a chart is in. So please look at the data on top left to see which time frame it is.
I do not see any weakness in the stock market yet, in fact I consider it quite healthy. So, the potential to make money will more likely to be on the bull side. As always I let the weekly, daily and 60 min charts tell me the health of the markets and then we will act accordingly.
For past analysis go to August 2016 Market Analysis
As always i'm so lazy writing what time frame a chart is in. So please look at the data on top left to see which time frame it is.
- 60 min - short term timeframe what will happen in 2-5 days
- daily chart - mid term timeframe, what will happen in 1-3 weeks
- weekly chart - long term timeframe, what will happen in 1-3 months
USO might encounter some resistance near congestion area. So short term traders might want to cover there. But longer term things might look bullish, anyway, will update you as the charts develop.
So, fellow traders and market participants will get a lot of insight in this. But for the lay person what does this mean?
So, fellow traders and market participants will get a lot of insight in this. But for the lay person what does this mean?
- Bull market is still strong, no sign of weakness yet till the chart tells us so
- Playing short term breakouts and buying dips is the way to profit in the current market environment
