Telegram Trading

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Assessment: Huge week for the markets last week. Everyone cheering the next bull run. Perhaps that’s what we have but these people cheering it sure were not part of it…because volume was very low. Major bottoms (long and short term) are almost always accompanied by above average volume to signify the turn…we just didn’t get it. We didn’t even get average volume. We had below average volume much of last week and that should be a caution sign when it comes to looking to the bull side here…and especially chasing this higher.

We could definitely move higher, but I would like to see conviction in volume first before I join the bull party. At the same time, I am not opening up short risk and firing on bearish trades. The bulls have the ball, despite the lack of conviction and until they show signs of dropping it, I will hold.

Good luck in your trades!