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1- Questions about market concepts should be sent only to firstname.lastname@example.org If you would like your question answered please be concise. You can send your questions in at anytime, but they will only be answered during the live event or in subsequent videos.
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The video below takes a look at key levels of support and resistance and their importance amongst the various trends in markets $SPY $QQQ $IWM $XLF $SMH Also in the video is a discussion about why not to buy pullbacks but instead to wait for stability before buying.
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The markets are still in corrective modes and the declining 5 DMAs tell us it is best to tread lightly until the buyers can regain the upper hand. There is no reason to believe the markets have topped out, but we never know how far a correction will go or how long it will last. The correct role of traders is to be patient with the overall averages (or be selectively short with tight stops) as the selling runs its course and to identify the lower risk stock ideas where the momentum is turning higher. That is what the focus of Alphatrends Premium service.
click charts to enlarge
$SPY needs to reclaim the declining 5 DMA and break the pattern of lower highs and lower lows from the last week before