It has been a while since I have written a simple technical analysis article. My focus has been on helping teach others how the markets move and to trade and invest differently, so I apologize for the lack of chart analysis over the past several months.
We watched the masses panic out of positions last week and bought put options, betting heavily for a collapse on Thursday and Friday, but the opposite happened, as expected. I feel bad for these suckers who trade purely on emotional impulse. They take beating after beating until they give in and decide to learn how the markets move and manage positions and risk or give up on trading.
It's also to keep in mind that the longer a chart trades sideways, the larger the next breakout should be. This three-month pause could pack a powerful punch/rally if the market continues this move.The S&P 500 looks to have found support and started a reversal from its 200-day line on Thursday and gained more ground on Friday.The Invesco QQQ ETF has also bounced off its 200-day average, indicating that there's strong support at this level.
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