The markets closed positive on the session, as both the S&P and INDU posted hammer candles. The markets look to be pulling back this week, after breaking out of resistance the previous week, but today's action supports the current bull move. This could end up being a short-term correction, but we won't know until next week. Tomorrow is a U.S. stock market holiday and we won't see any market action, so let's make a plan for what could happen next week.
Take the long weekend to break down your account exposure and detail out any possible trades. If you have a plan of attack, then it will take less time to implement trades and adjustments based on market action. We want to follow predetermined rules and not trade based on impulsive reactionary emotions.
This week's Trading Room will be prerecorded due to the market holiday. An email will be sent with the link once the recording is ready.
Have a great night,
The Maverick Trading Team
Over the years, we have spent thousands of hours talking with our traders and answering their emails. We have a huge collection of really great information that only benefited the specific traders who we were interacting with. So, we decided to start sharing all of these gems of knowledge with everyone.
