I hope everyone is having a great weekend. As today is Sunday, is that day that when it gets around 8pm I start looking charts because there is nothing else to do haha.
Anyway, on the 'quick live session' that we had on Friday, I said that indices were getting very close to levels which I have been waiting for weeks and we are finally there. I started looking the Dow, SP500 and DAX and all of them are in big resistance and I love when that happens because of the correlation: If they are at resistance together, it gives me more confidence that the other side of my trade might be limited.
However, lets go to the charts:
Dow (DJI or US30 on tradinview):
Monthly:
Weekly:
Daily:
SP500 (SPX500 on tradingview):
Monthly:
Weekly:
Daily:
DAX (GER30 on tradingview):
Monthly:
Weekly:
Daily:
I do not think I need to talk about each chart as it is very easy to look and understand what I am looking at but as I said, they are ALL in RESISTANCE and I expect indices to make a top soon. Keep in mind that I have been bearish indices for the past 5 months and I still am and I think as we made a good jump in the past few days, I think this is a opportunity to start selling.
Also note that I am a medium to long term trader and I do not have any problem holding my trades for more than 1 week if I need to and also I do not talk about stop-loss because it depends in your account size, strategy and how long you can hold your trade.
I hope that by looking these charts it can help you in some way.
Take care and we keep connected on Twitter: @thiagotrader
By Thiago Duarte
Chief Strategist at Duarte Investment Group
thiago@duarteinvestmentgroup.com
@thiagotrader
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