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Yesterday, the market had some crazy movement that I figure folks will want to understand a little better.
After three really rough, bearish days, we saw a nice green breakout to start the morning.
My thoughts?
This is due to everyone trying like heck to get the famous “Santa Claus Rally” going.
Basically, the market makers and traders willing themselves to turn around the selloff, even if the fundamentals didn’t call for any change.
Technically speaking, we had extended the pullback, and since the bullish pattern stayed intact, up we went.
But then there was some particularly interesting movement in the afternoon that I wanted to draw your attention to.
If you happened to check the five-minute chart or something similar with a short timeframe, you might have noticed this midday pullback/consolidation:
That move was in preparation for the White House press conference, which came in the middle of the afternoon.
I’m sure investors were fearful about the threat of new lockdowns or travel restrictions entering the holidays, and that pressure worked itself into the market.
But as you see, we surged right out of that, because during the press conference, they announced no intention of entering lockdowns like we saw in 2020.
Of course, the way things are changing these days, that could mean lockdowns start tomorrow (haha).
But the positive talk at least put investors’ and traders’ minds at ease as the day wrapped up.
Now, I’m not a big-time day trader by any means, but it can be interesting to pick up on these little shifts in the markets as the hours go by.
And since I get this question a fair amount, I should mention that the same fib tools I’ll teach about in Thursday’s class, the same tools I use in Echo Trades and Market Roadmap, can be applied to any time frame on your charts.
They’re not just for long-term setups, even though that’s how I use them primarily (a few days or weeks for Echo setups, and several weeks or months for Market Roadmap setups).
If you want to learn more about that well… sign up for the class and join me Thursday!
Jeffry Turnmire and InvestPub do not provide investment advice. Trading involves a substantial risk of loss and is not suitable for all investors. Many traders fail and you should not trade with money you cannot afford to lose. If you need personal financial advice, consult a financial advisor.
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