Navigating the Waves of a Slow Monday: A Patient Approach in Uncertain Market
As the new week unfolded, the aftermath of an RTX sell signal on the weekly chart set the stage for what promised to be an uneventful Monday. The anticipation of potential sideways movement for the next one to two weeks loomed, prompting a cautious approach to trading. Morning Observations: A Hesitant Start The opening moments of the day hinted at the anticipated sluggishness, with price spiking over its moving averages. However, a closer look at the Price Pressure Momentum (PPM) indicators revealed a relatively feeble trend level, registering at only .03 compared to the more robust .25 threshold. This signaled a potential lack of conviction in the market's momentum. Mid-Morning Rally: Testing Resistance at 4790 By 10 o'clock, price did show some movement, rallying up to 4790. The significance of this level became apparent, with a cluster of numbers converging around it. R1 on the weekly chart at 4789, R2 on the daily at 4792, and a high target of 4796 on the hourly chart forme...