In this week’s video wrap, we’ll look at the bear flag the S&P500 is putting in as well as the US dollar and how it is at major support right now. If the dollar does rally from here, the market will make another leg lower and we would start looking for more longs. However, if the dollar were to break down, we’d be looking for a retest of the 2012 highs.
Also in the video, I’ve got two new swing trading setups to watch for next week. These swing trading setups are based off the Squeeze indicator. We use this indicator a lot with our members for trading options. If you want to learn how to use this indicator for swing trading options, start the Free Trial and get the trades and the education.
The video below includes Captions in case you can’t listen to the audio at work.
Weekly Market Wrap Video Transcription:
Hey guys! Today is Friday, April 20th 2012. It’s a little bit early in the day. It’s only about 11 a.m. Eastern time, so I’m doing this video a little bit early today.
S&P500 Technical Analysis:
I want to look at the SPY to start off with. In last week’s video, I was talking about – We had this little head and shoulders pattern. You can see it a little bit better in