New Highs as Far as the Eye Can See (for now) Feb 22

Feb 22, 2017: 11:20 AM CST

It’s rare to see broad market impulses this strong and persistent but yet here we are, once again at the highs.

Will today or Thursday trigger another small retracement?  Let’s plan.

Here’s today’s updated Emini (@ES) trading levels for your trades:

I highlighted our recent pullbacks or retracements in green; these are buy opportunities in a strong uptrend.

Check out our “Trend Trader Perfect Pullback” educational series for definitions, strategies, and trades along the way.

Our default mode as traders should be to assume trend continuity (optimism) while balancing the odds of an eventual, guaranteed end to the trend (pessimism).

So here we have one more pullback and the same plan – buy should price begin another rally higher.

Also, be ready to abandon bullish positions and consider bearish short-term trades on a breakdown through these rising moving averages.

If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!

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Corey Rosenbloom, CMT

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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”

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