Charts Updated: 12-01-2021
These are updated charts from the weekend strategy video that goes out first thing Saturday morning, as well as new charts of interest that pop up during the week.
Comments are attached to each individual chart (click image to view).
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Yesterday I said, “we’ll likely get big relief rallies along the way but won’t chase,” and this chart of the indexes shows exactly why, as each retraced its gains and more by midday.
We continue to be in a very difficult trading environment, where the only way to take advantage of these gap up opens is to position yourself long the day before, which is risky in this type of market.
I’m still looking for the indexes to have a big gap down, a reversal, then recapture the previous day’s high in order to give me some confidence that the selling is done, at least in the short-term.
Until we see that, or at least a gap up and then a solid follow-through day, the best course is to sit on your hands and be patient.
Okay, let’s get to the charts.