Scott has some REAL Advice for trading this market. $SPY $QQQ $DIA $IWM $GLD – April 29, 2022SPY QQQ DIA IWM GLD
This is Scott with your Chart of the Day. The Chart of the Day is, that there is no chart because the market is a complete mess right now. And in my opinion, you should not be trading this market but heavily in cash. If I am looking at the SPY ( NYSEARCA: SPY ) here, the SPY ( NYSEARCA: SPY ) is a mess. And yes, you can get these nice little rallies but we haven’t had that for a couple of weeks now.
What you should be doing in this market, in my opinion, is just being patient. You should be noting stocks that have high relative strength versus the S&P 500 ( NYSEARCA: SPY ). So anything that is up above all of their major moving averages is a stock you should be paying attention to right now. Not meaning that you should trade it, just watch it. Because even the strong stocks in tape like this can get crushed.
And so my advice to our members over at stockmarketmenor.com, as well as what Dan Fitzpatrick has been saying all week long is, that this is not a conducive environment for big profits. Now, there are not a lot of trading services, quote, unquote, that will tell you that. They will try to get you to come in, oh well we have the secret ingredient and we will tell you how to make all the money in this kind of market.
But let me tell you from experience, real trading, in my opinion, happens, and the real successful trading happens when the market is in a nice uptrend because the market can bail you out. Zooming out here, this is the kind of market where you are going to make a lot of money. This is the kind of market where you are going to give it all back if you’re not careful.
If want to learn how to be patient and learn proper trading techniques then you should come and check out what we are doing over at stockmarketmentor.com. Because that is what we are doing, we are being patient, we are curating our watch list and we are getting ready for a potential upside move. Now, will that be the upside move that starts a new trend? We don’t know, but we will be ready either way.
The SPY ( NYSEARCA: SPY ) is in a downtrend. The QQQ ( NASDAQ: QQQ ) is in a downtrend. The Dow ( NYSEARCA: DIA ) is under all of the major moving averages. IWM ( NYSEARCA: IWM ) is under all of the major moving averages. And Gold ( NYSEARCA: GLD ) is not a safe haven. So you should be very protective with your capital right now, protecting not only the money in your account but what is going on in your head as well.