Welcome to today's market video! We are back after a few days off due to some charting issues and we are ready to continue informing you about our chart analysis.
We run through the SP-500 and as we predicted in an earlier update we got the move back to the 50 moving average. We are still on the lighter side of our position size due to the channel and where we are trading within the channel. Price action has also been quite choppy the past few days and we have seen no respect of the moving averages on the lower time frames which can often alert traders to fake signals.
Philip often talks about the "stair step" strategy he looks for which will help you to easily identify support resistance areas. He also points this out on the chart for you to visualise what he means.
VLO which is in the energy sector has been relatively strong and has been on our personal watch list for some time now. This has set up some potential areas to trade which Philip also points out on the chart.
GLD - Gold is still struggling with resistance to the left and still relatively weak to the market so in this case the market is better to trade than gold.
SLV - Silver is the opposite to gold and has been trending quite nicely but we still have resistance to the left which needs to be considered when trading.
PXD - This stock is a bit more choppy than VLO but you can identify the uptrend. It's making higher highs and higher lows and is also relatively strong against the SP-500 so this is also another potential trade once we can identify an entry.
Using Moving Averages in your Trading Strategy
If you have any questions relating to this market update or wish for us to talk about a trading subject that you're interested in, please don't hesitate to contact us.