Stepping Inside the Breakout with Internals Update Jan 25
Thu, Jan 26, 12:21 PM ET, by Corey Rosenbloom
How high will this breakout travel? Let’s take a moment to look beneath price to our market internals.
Here’s today’s updated Emini (@ES) trading levels for your trades:
Finally, we have an exciting and profitable bullish breakout OUT OF our sideways (highlighted) trading range.
Unfortunately, we don’t have clear Fibonacci or other key price levels to use as overhead resistance (or support).
We’re seeing Breadth (Advancing minus Declining Issues) with price.
While Breadth was indeed strong on the breakout, we’re seeing fewer stocks advance along with the market.
That’s a negative divergence with price and indeed we’re seeing a pullback take place at the moment.
Take a moment to review our recent post on “Creeper Trend Days” and add that knowledge to today’s market.
If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
SDI Glossary: "price" Definition
SDI Glossary: "Finance" Definition
SDI Glossary: "Stock" Definition
SDI Glossary: "Trend" Definition
This Article's Word Cloud:
More articles: 1 2 3 4 5 6 7 next »