As The Chop Continues Watch Out For Traps

Posted by Joe Duffy | Oct 4, 2024 | Joe Duffy's Trading Advantage | 0 |

I expected the stock market to come under pressure this week, and it has. Friday morning is Non Farm Payrolls, often a market moving economic event. However in the short run at least, it looks like the selling has been well contained and another bounce is in the offing. Attached chart of MSFT shows where we are a 1/4 day chart with my proprietary “SLY” oscillator.

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No guarantees, but as you can see from the chart, it’s a bad place to bet on further weakness. Regarding the Long Term Bond ETF— TLT I added longs at 97. I will add again at 95 on the buy side if we see it.

Thanks,

Joe

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Joe Duffy

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