Sunday, September 7, 2014

The Weekly Outlook - $DJIA $SPX $NDX Sept. 08, 2014

*****We are in the last month of the third quarter and what lays ahead can be both higher or lower.  Markets continue to push higher ignoring all negative news after it's digested. It makes for a look ahead higher with a weary eye toward a possible reverse. Weary or not however, I look at and for both.  I'm seeing the battle lines drawn and it's why I like to know about the possibilities of the next outcome.

Since none of us have a crystal ball, and my psychic abilities are limited with numbers, I'm forced to look at the markets this way.  I'm just one part of the masses who have collective control and so I prefer to be ready with the moves both ways. Whether  you are a long term, swing term or day trader,  determine setups for both long and short because it makes no difference about the direction when you know where you're going.

I force myself to think this way because I can be easily swayed by my own prejudices. If I believe that the world will end in the next week, my prejudice will show in my trading positions unless I don't allow myself to be so swayed. Therefore setups for both long and short entries, targets are based on the charts. Adjustments (if any) are based on market action, but never do I try to forget the possibilities initially seen. I usually regret if I do.

So, for the following week, this is what I see:

Happy trading, living and dancing

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