One of the first signs of a true change in sentiment is simply this: support fails to hold. Today was a fantastic day for buying support as can be seen by the following (we had a number of these in our newsletter last night). Don’t get excited on the dark side yet until this type of sentiment shifts and support becomes meaningless. At same time note that our focus has shifted to buying the pull-back rather than buying the break-out.
A Great Newsletter for Active Traders
We at The Market Guardian are pleased to announce our partnership with High Chart Patterns. High Chart Patterns is a newsletter service geared towards the active short-term trader. Five nights a week, they send out picks for the next day and a list of stocks that are leading the market. Their strategy is two-tiered: first, High Chart Patterns.com seeks out clean, uncongested daily chart patterns that yield good risk/reward trades; second, they teach their readers what to look for in intraday charts: when to pull the trigger and when to let it pass.
