Hi all! We saw quite a few continuations and breakouts across a lot of stocks last week, and my favorite thing is that my community capitalized on these too! I love seeing traders do the work, find solid entries, manage the pullbacks, and stay with the trade.
Now me…I am a wee bit nervous about the trades that I have on, and not because I think my positions are about to reverse sharply (which is always a possibility), but because I’m at my first milestone goal for the competition. I’ve noticed that when I start getting near certain thresholds, I naturally become more protective.
This is not inherently wrong because protecting progress is important, but I know I can start making decisions from fear instead of my plan. I’m also working through a few new exit strategies right now, so this has been a good lesson in patience. 😅 We shall see how next week goes.
Today I’m leaving you with a few video links covering some chart basics I recorded recently. If you haven’t caught these on TradingView yet, be sure to check them out.
These are all concepts that already exist in technical analysis, stages, price cycles, support and resistance, and charting across timeframes, but I wanted to walk through how I personally think through them and how I use them when I’m reading a chart.
As you develop as a trader, you’ll start to build your own eye for price action. You may name things differently, focus on slightly different details, or have your own way of organizing the chart. The concepts themselves are still rooted in classic technical analysis, but over time you learn how to use them in a way that helps you make sense of the charts and support your own decision-making.
P.S. If you’ve been wanting more support as you build your trading plan, come join us inside The Trader Reset Community. We talk through market structure, trade ideas, chart breakdowns, trade reviews, and the areas of the process that can feel unclear when you’re trying to figure it all out on your own. The goal is to help you keep building a system you understand, trust, and can continue refining over time. Join here!
SPX Review and Outlook
This week, I’m adding the hourly chart to see the rhythm and nuances inside the uptrend. Here we can see the intraday action, the pullbacks, the stalling, and where price continued higher.
A key level I have marked below is 7,500, which was resistance starting around May 14. Last week, price reclaimed that area and started holding above it before continuing higher.
SPX Hourly Chart
SPX Daily Chart
Scenarios for the Coming Week
Shallow Retest and Continuation
price holds near the current trendline / 5 EMA area
intraday dips are bought up quickly
price stays inside the rising channel
new highs continue to develop
Retest of 7,500
price pulls back toward 7,500
prior resistance starts acting as support
this also lines up with a retest to the daily 10 EMA
Deeper Pullback Toward the 20 EMA
price loses 7,500
retest to 7,427 / 20 EMA first
potential for a retest to 7,340
While SPX gives us the broader read on the market, I’m still watching how individual stocks behave from here. Even if SPX stalls or needs time to digest, some of the names that broke out last week may continue to hold up and work higher on their own.
