Since the market was unable to hold onto the late day gains from Tuesday, professional trader Toni Hansen continues to use greater caution on longs as swingtrades.
I hoped you all fared well in on yesterday's strong intraday reversal action. The market actually had some great intraday patterns and followed technical indicators extremely well.
After Friday's trend day, the odds are also higher for a choppier session on Monday with better odds on pivot trades off support and resistance levels in the indices.
Currently market risk still remains higher because of the added back and forth action of this daily range. As such, continue to use greater caution and do not be too aggressive, particularly on swingtrades.
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