The July 14th high continues to act as support following the breakout that occurred on July 23rd.
This was a strong breakout but it was not followed by a strong continuation to the upside.
On August 3rd, the low of the wick came close to tagging the 20 simple moving average by 2 points.
Despite the 20 simple moving average also holding price up, it appears there is a lack of momentum
in this market at the moment.
The overall trend remains bullish so the bias is for a breakout above the all-time high at $4429.
This is where patience comes in, often investors become complacent and do not remain ready for
opportunities when the markets are going sideways. Every market will experience some sideways
movements while in a trend, so this behaviour is quite normal.
We are in earnings season, and some stocks are seeing huge jumps to the upside while others are
dropping like flies. The positive moves should outweigh the negative ones overall as long as you
keep your losses small and your winners big.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
This was a strong breakout but it was not followed by a strong continuation to the upside.
On August 3rd, the low of the wick came close to tagging the 20 simple moving average by 2 points.
Despite the 20 simple moving average also holding price up, it appears there is a lack of momentum
in this market at the moment.
The overall trend remains bullish so the bias is for a breakout above the all-time high at $4429.
This is where patience comes in, often investors become complacent and do not remain ready for
opportunities when the markets are going sideways. Every market will experience some sideways
movements while in a trend, so this behaviour is quite normal.
We are in earnings season, and some stocks are seeing huge jumps to the upside while others are
dropping like flies. The positive moves should outweigh the negative ones overall as long as you
keep your losses small and your winners big.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
