The Dip Was Bought...Again. How I Traded Today & Plan for 4/20/23
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Market Recap: Today the “Buy the dip” theme continued, with bulls once again stepping in at a key support (4148 in today’s case) and pushing the market back up the levels. I have been talking about how although we have not gotten a lot of trend as of late, using The System to help me identify that bulls are in control has been a huge help in knowing that my focus needs to be on bullish setups. Later on in the post I discuss today’s setup and when and why I entered a long that resulted in a nice win.
In regard to The System, we continue to trade above the 50sma on both the 1hr and 30min SPX chart’s, with dips being continuously bought at the 50sma’s. This theme will eventually run its course and bears will regain control for a pullback, but at today’s close bulls remain in control as they have been for pretty much the entire month of April.
My Trading:
(Note: All trades mentioned below were alerted live in the Kane Capital discord where we are currently offering a 7-Day FREE Trial. For live trading alerts you can head over to kane-capital.com)