First Trading Day Of 2021 Bearish!
As we have now entered a new year we want to see if the momentum from 2020 will seep over and
continue to flood us with further profits for our portfolio.
During November, the S&P 500 started creating new record highs once again following its breakout
of consolidation. On the last trading day of 2020, price tagged the current all-time high but was not
able to close above that level at $3756.
When the markets opened for the first trading day of 2021, the candle opened above the all-time high
but we soon started to see bearish moves and price was even trading below the 20 simple moving average
during market hours.
By the time the market closed, price ended the day sat just above the 20sma which is being used as support.
This is why we are always informing our members that the closing price is important, not the price we see
during market hours, because the closing price provides us with a clearer picture.
What we need to see going forward is a bounce off the 20sma and for price to move towards the $4000
round number and beyond.
If price continues to use the 20sma as support then that will indicate a linear trend is in play and this is
what we usually experience in strong bullish markets.
We continue to remain long and will do so as long as the bullish trend remains in play.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
continue to flood us with further profits for our portfolio.
During November, the S&P 500 started creating new record highs once again following its breakout
of consolidation. On the last trading day of 2020, price tagged the current all-time high but was not
able to close above that level at $3756.
When the markets opened for the first trading day of 2021, the candle opened above the all-time high
but we soon started to see bearish moves and price was even trading below the 20 simple moving average
during market hours.
By the time the market closed, price ended the day sat just above the 20sma which is being used as support.
This is why we are always informing our members that the closing price is important, not the price we see
during market hours, because the closing price provides us with a clearer picture.
What we need to see going forward is a bounce off the 20sma and for price to move towards the $4000
round number and beyond.
If price continues to use the 20sma as support then that will indicate a linear trend is in play and this is
what we usually experience in strong bullish markets.
We continue to remain long and will do so as long as the bullish trend remains in play.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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