Hey friend,
Nothing much on the economic calendar today – just speeches from some Fed members.
And it’ll be a light day tomorrow as well, with just existing home sales data being released.
Let’s see how the markets have been moving.
The Daily Direction
Note: Indexes closed mixed yesterday and opened mixed this morning as well – with their movements also fluctuating throughout the day. No change in any index directions.
The Daily Nugget
Every pullback feels unique until you zoom out.
When you’re in it, every pullback feels different.
And it’s somewhat true – the headlines, the narrative… they will all indeed be different.
But when you zoom out and look at the price action…
At the charts that tell you exactly how the battle between buyers and sellers are playing out…
Suddenly, things don’t look so different.
Suddenly, the pullback looks like what so many others have…
Weak hands capitulating after a strong rally…
Which is usually followed by the rally continuing upwards.
When you distill it down to the essence of trading – the tug-of-war between buyers and sellers…
The picture often becomes much clearer…
And so do your next steps.
Keep a look out for Head Trader Ross Givens’ daily newsletter tomorrow morning.
The Traders Agency Team
