but the daily indicators are looking more to an upward move now.
I drew a previous chart anticipating that the market would be bearish. (Please look at my previous chart for more details) But looking at the daily indicators, they look too bullish for me. As well, the S&P technically traded out of the triangle today which indicates a bullish trend. And if you look at the DIA or the NDQ they look bullish too. And these 3 indices typically trade in the similar direction.
(This is going to sound a lot like my previous chart.)
Tomorrow, the jobless claims are being reported, which should drive the market either up or down. But looking at the daily chart, it will probably go up, but I am not ruling out anything right now.
I am a technical trader but I believe the fundamentals drive the market.
I am using the Heikin Ashi candlesticks.
1) They show more of a directional movement within candlesticks.
2) They tend to filter out the market noise so you can see the market direction better.
3) It reduces false signals, allowing you to stay in the trade longer.
4) And, it also gives you a smoother appearance making it easier to see trends and reversals.
But I often switch between regular candlesticks as those are the candlesticks I started trading with and I still do get a little bit of information from the regular candlesticks.
I think we had an ascending triangle forming on the S&P with the tip forming on Friday, August 15th.
Usually, the chart can exit 2/3 before the tip. So it can start exiting the triangle before now and August 15, 2025 usually with some fundamental trigger. I suspect the trigger would be the jobless claims report on Thursday, August 14, 2025. It seems that the S&P may have exited the triangle upward today.
I was thinking the market would move lower tomorrow based on the technicals, but the daily indicators are looking too bullish right now. Therefore, I am having more of a conservative approach and I will be prepared for both directions tomorrow.
I am undecided on the targets or stops as of yet in either direction.
But if you look at my previous targets and stops they usually follow a pattern.
My trading plan only entails me to use 10% of my total account. If I am wrong on this trade, I will not implode my account.
Trade at your own risk, make sure you have stops in place, use a trading plan and only use 10% or less of your account for trading to limit your risk.
Any comments and questions are welcome.... especially this time, since I changed my mind. LOL!
Happy Trading!
Trade active
Actually, I just re-adjusted my lines and I have a new time line for the tip. The tip of the triangle will be around Aug 29, 2025. This makes a lot more sense when you look at the daily indicators.Note
And that is when the initial jobless claims is being reported. -- Aug. 28
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.