Home > Market Set Up > Day trading set up this week

Day trading set up this week

So far this year it has been great intra day movement for online stock traders. Heading into this week, I am expecting a re test of the highs from last Wednesday. There has been plenty of talk about the S&P 500 futures nearing historical highs, ignore it. I am more focused on last weeks poor retail sales. Lets think about what it told us, the average Joe and Jane is not spending. The sell off we had Thursday was the first one we had in a long time where bad news was expected AND we sold off.

The majority of the last 5 months any time we would sell off in the morning, we would find some bids and rally right back up. Not last Thursday. We are still in a confirmed up trend on the daily charts, but remember, our universe as day traders is short term, ten minutes to 10 days. Today’s price action will be very important, watch how we trade around Fridays highs, if we can’t get there, or if we get their and don’t follow through, I will be shorting. Alot of my trading will be dictated by volume, if volume is lite at the highs I will not be involved.

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Categories: Market Set Up
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