Here is the 60 minute chart of S&P 500 index. It is a promising double top and it has broken the short term trend line. Will it materialize? A lot of people actually talked about S&P touching 1000 before a meaningful retreat would happen. It is a dangerous sign when a lot of people are expecting the same thing from the stock market. The stock market never behaves as the majority would like it to. We see a lot of sudden moves in individual stocks because people are caught off guard. Have you noticed that the stocks you watch like a hawk almost never move?
We might not see wild 500-600 point swing days like those we experienced early this year. General volatility will dwindle and the general market might bounce around in a big trading range for the next few months.
Day trading is bread and butter. If you are skilled enough, it is your ATM. If you are not, you will be the ATM.
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