Master the Market with our Weekly Market Worksheet (WMW). Put your chart reading skills on steroids by using our WMW to get the most out of our Comprehensive Weekly Review & Forecast. The WMW will help you chart your progression and create a track record of your thoughts and actions. It is critical to “see the big picture” once a week and the WMW allows you to do so. With the WMW we are able to track crossovers and the forces affecting their continuation or termination.
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At ChartingWealth.com, every day the market is open, we chart the S&P 500, the NASDAQ 100 (tech stocks), 20-Year Bonds and Gold. In just a few short minutes, we give you a valuable training update and quickly review the trends we see taking place in the market. At the end of every week, we give you an overview of what happened over the last five days and what’s on the calendar for the next trading week.
With our stock chart training we focus on developing our skills in technical analysis. This activity is the forecasting of future financial price movements based on an examination of past price movements. Like forecasting the weather, technical analysis does not result in absolute predictions of the future. Instead, we try to anticipate what is “likely” to happen to prices over time. Technical analysis can use a wide variety of charting time periods and indicators that show price movements over time.
Since our objective with stock chart training is to predict future prices, it makes sense to focus on price movements. Price movements usually precede fundamental developments. By focusing on price action, technicians are automatically focusing on the future.
The market is a leading indicator and generally leads the economy by 6 to 9 months. To keep pace with the market, it makes sense to look directly at the price movements. More often than not, change is a subtle beast. Even though the market is prone to sudden knee-jerk reactions, hints usually develop before significant moves. We see the hints in our charts.
Our simple stock chart training, reviews and analysis can help identify support and resistance levels. These levels are usually marked by periods of congestion within the trading range where prices move within a confined area for an extended period of time. This limited movement tells us that the forces of supply and demand are deadlocked. When prices move out of the trading range, it signals that either supply or demand has the upper hand. If prices move above the upper band of the trading range, demand is winning. If prices move below the lower band, supply is winning.
Technical analysts view the market to be 80 percent psychological and 20 percent logical. Fundamental analysts consider the market to be just the opposite – 20 percent psychological and 80 percent logical. Psychological or logical is open for debate, but there is no questioning the current price of a stock, index, commodity, ETF or option.
Price is available for all to see and no one can doubt its legitimacy. The price is set by the market and it reflects the sum knowledge of all participants. These participants have considered and discounted all available information and settled on a price to buy or sell. The price shows the forces of supply and demand at work. By examining price action to determine which force is prevailing, technical analysis focuses directly on the bottom line: What is the price? Where has it been? Where is it going?
Even though there are some universal principles and rules that can be applied to stock chart training, it must be remembered that technical analysis is more an art form than a science. As an art form, it is subject to interpretation, but it is flexible in its approach. Each investor should use only the techniques that suit his/her style. Developing a style takes time, effort and dedication. The best news of all is the rewards can be significant.
We post timeless knowledge, along with our daily stock chart training and reviews to educate and empower you to become a fearless and accomplished investor!
We standby the proverb, taken from Confucius, the Chinese master of wisdom: “Study the past, if you would divine the future.”
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DISCLAIMER: We offer NO advice and make NO claims to expertise of any kind. This site is dedicated to knowledge and education through our stock chart training, reviews and other information — nothing more.