Last week’s video was titled, “Enjoy The Bull Market”, and as we enter into the final trading day of the month, the markets now appear to be firing on all cylinders.
It’s hard not to sound like a broken record but week in and week out the buyers have stepped up and bought each and every dip and we have now seen 5 consecutive months of higher high in the QQQ’s and 4 consecutive months of higher highs in the SPY.
Said another way each and every dip has been buyable for the past 5 months.
The markets are clearly trending to the upside and unless we see a major shift in the current market narrative it would be hard not to see higher prices for the remainder of the quarter.
In other words, the sellers have a lot of work to do to turn the current trend around.
As the old adage says, “the trend is your friend until the end”.
The understanding of this means having the fortitude to stay with the course of the trend and having the courage to give back profits at the end of the trend and getting out only when the markets tell you to get out and not because of biased beliefs or prejudices.
In this week’s video I discuss:
– The earnings calendar and economic calendar for the upcoming week
– Why this week’s weak jobless claims # was good for the markets
– Playing small and trading scared
– The VXX trade on Thursday and putting together pieces between price action, timeframes, and market structure
– Trade ideas for the coming week
Now watch this week’s Weekly Outlook video to see the setups and levels we’ll be watching as well as the technical outlook for the VXX SPY QQQ IWM DIA EEM TSX TLT GLD MGC BTCUSD EEM and more for the week of Weekly Market Outlook For August 31 – September 4, 2020.
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