Watch next week's move before taking your next trade - Weekly Market Roundup 9th Dec 2018
Channel: Trading Profitably
Date: 2018-12-10

Watch next week's move before taking your next trade - Weekly Market Roundup 9th Dec 2018.

Instruments Discussed: USO, GLD, SPY, QQQ, DIA, IWM, EXC, COKE, SIG, RNR, BRKS, etc.

After the meeting between the USA and Chinese presidents the market tried to go up, only for one day and fell from there. Throughout the week market was volatile, moving sharply up and down. The week ended with a sharp drop and reversal from the gap up open of Monday.

What next? Price is near the lower end of a wide sideways range in all the market ETFs. It may be going up from here as one would normally expect. Or, as an exception, the price may fall further. Internals are bearish and ETF volume patterns are bearish. 

Significant new may also move the market next week. These include Brexit related news as well as the evolving China-USA conflict related to the Huawei CFO extradition request from Canada to the USA.

In this situation, it may be wiser to see where the market is going before taking the next trade. If the market breaks down below support of the sideways range, you may be extra cautious about long holding.

If the price goes up from the sideways range, there may be some lucrative buying opportunity. In case you go for such buying, you may track your investments carefully and book profit/put trailing stop/close positions at the first sign of reversal.

This is a demonstration of the way Superior Profit Community members trade Stock, Stock Futures, and Stock Options to generate consistent profit from Stock Market.