{"id":7796,"date":"2010-10-21T09:19:47","date_gmt":"2010-10-21T13:19:47","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=7796"},"modified":"2023-03-30T09:46:46","modified_gmt":"2023-03-30T13:46:46","slug":"morning-thoughts-17","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/morning-thoughts-17","title":{"rendered":"Morning Thoughts for October 21, 2010"},"content":{"rendered":"<p>Good morning traders, having some computer issues this morning so I asked Adam to share his morning thoughts from his daily market letter at <a href=\"http:\/\/www.themacroreport.com\/\">www.themacroreport.com<\/a><\/p>\n<p>I will be on twitter\u00a0 highlighting some of\u00a0 my trades and my market view during the day. Follow me @ JoeP_SMB<br \/>\n&#8220;Equity markets around the world have had nearly two months of smooth sailing\u2014an easy uptrend without any real volatility or even a substantial pullback.\u00a0 Tuesday\u2019s market drop was a clear warning shot across the bow, and we suspect that market psychology will be a little more complex in coming weeks.\u00a0 It is possible that markets will shake off the drop and head higher; this scenario will be easy to identify as the S&amp;P 500 (cash) will easily lift 1,185 and head higher.\u00a0 Far more likely is that we spend a little time here, chopping back and forth and perhaps even testing some deeper support around 1,130.\u00a0 Regardless, the key is to be flexible with your bias, or, ideally, to have no bias, until the market is clearly holding above 1,182 on the futures (118.70 SPY) or is showing clear weakness by holding lower lows and lower highs towards the 116.00 level on the SPYS.<\/p>\n<p>This morning, watch 118.70 as the critical inflection point for SPY.\u00a0 Above that, levels become less important as it is smooth sailing.\u00a0 To the downside, watch 117.80 and then 116.90.\u00a0 Be aware that we are in an environment where price action and market structure trump simple support and resistance levels.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning traders, having some computer issues this morning so I asked Adam to share his morning thoughts from his daily market letter at www.themacroreport.com I will be on twitter\u00a0 highlighting some of\u00a0 my trades and my market view during the day. Follow me @ JoeP_SMB &#8220;Equity markets around the world have had nearly two months of smooth sailing\u2014an easy &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/morning-thoughts-17\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":290,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1394],"tags":[],"class_list":["post-7796","post","type-post","status-publish","format-standard","hentry","category-joe-ps-blog","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Morning Thoughts for October 21, 2010 | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/morning-thoughts-17\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morning Thoughts for October 21, 2010 | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Good morning traders, having some computer issues this morning so I asked Adam to share his morning thoughts from his daily market letter at www.themacroreport.com I will be on twitter\u00a0 highlighting some of\u00a0 my trades and my market view during the day. Follow me @ JoeP_SMB &#8220;Equity markets around the world have had nearly two months of smooth sailing\u2014an easy ... 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