Many traders pour their hearts and souls into a trading system, only to discover it does not work in real time, with real money. Here are a few of the more common, and easily fixable, mistakes traders make.
The market has continued to consolidate higher this morning as it searches to test resistance at 1780-82.25. Yesterday's close was 1771.25, the market must hold this level and truly close above the pivot at 1775.75-1776.25 to keep sentiment positive.
Equities began the much anticipated correction in yesterday's session as the S&P reached a low of 1809.50. The market did give traders a head fake early testing the Sunday night session high of 1838.75 with a failed high of 1838.25.
Traders and investors alike should feel confident playing the support and resistance levels, and we are expecting a consolidation. The reality is that we are unlikely to see any big bets to make or break this market ahead of the Fed.