Daily Traders Edge

As Bulls And Bears Fight For Market Dominance ⎯ Who Will Win?

May 24
11:19 2023

Tuesday was without a doubt a bearish day. However, it is not yet enough to call for a reversal from the bullish trend we’ve been experiencing, it’s still too early to call for that. Right now, you can still look at this as a healthy pullback, perhaps back into the range the market had been stuck in for quiet some time leading up to this breakout.

Remember, we still have a catalyst event on the horizon that could come into play when looking at either the chance of default, which is unlikely, but also the chance Congress gets a deal done this week or next. Either way, this will surely have an impact on the market one way or another.

As of right now, however, support or bounce levels are what we are keeping an eye out for when looking for new trades as the market looks like it wants to continue to pullback. Until we have signs of a full on bearish reversal or continuation of the bull rally, you’ll want to exercise caution this week going into next. A important thing to keep in mind as traders, it isn’t just our job to make money, but keep it as well. If you don’t see anything, live to trade another day.

Join my Smart Trades options trading service today to see exactly how my students and I trade these types of scenarios! Smart Trades is where I teach my students how I trade options on some of the largest ETFs on the exchange. As you learn, you’ll get exclusive access to all my trades with notifications any time one is put on. Now, you can learn how many use this high-income skill to achieve financial freedom. Join today and as always…

Good Luck With Your Trading!

Christian Tharp, CMT

Read More at Wealthpop

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