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Here at Charting Wealth, we focus on the reality of price movement by following trends. We teach you a simple and effective method to read stock, ETF and crypto charts, keep your emotions in check and learn when to buy and when to sell. Charting is your road map to the market and the riches it can offer.
Forget the hype you see and hear in the financial news media. They are selling products in print ads and commercials. Focus on what is real, no matter how hard it can be to believe! Otherwise, you become a sucker or worse, a slave, to the delusion someone else wants you to believe.
Use the lessons we teach every day to accurately chart any stock, commodity, ETF and cryptocurrencies. We give you daily, real life lessons with the four ETFs we track: S&P 500, NASDAQ 100, 20-Year Treasury Bonds, Gold and Bitcoin. We have all the tools you need to learn how to trade.
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At ChartingWealth.com, every day the market is open, we chart the S&P 500, NASDAQ 100, Gold & Bonds. 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.
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Embracing Patience in Market Mastery: Insights from November 16, 2023
Growing Like an Oak: The Importance of Steady Progress in Trading Drawing inspiration from a Zen saying, we recognize that mastering the markets is akin to an oak tree’s growth: slow, steady, and resilient. We start as novices, but with consistent practice and a commitment to learning, we become more adept at understanding and navigating the markets. Remember, significant success, including mastery of chart analysis, is a journey that unfolds over years, not overnight.
Today’s Market Movements: A Mixed Scenario In today’s trading session, the market presented a mixed bag of results. Stocks and Bitcoin showed positive movements, while bonds and gold experienced a downturn. Let’s dive deeper into each sector to understand the dynamics at play.
S&P 500 and NASDAQ 100: Modest Gains Amidst Cautious Optimism The S&P 500 edged up by 0.21%, not a substantial rise but enough to form a nice upward candle on the chart. The NASDAQ 100 followed suit, with a 0.80% increase. While the volume was decent, it didn’t quite match the enthusiasm of the price movement, warranting a cautious approach in interpreting these gains. The two-day candle, ending today, showed robust growth, but the volume analysis suggests we keep a watchful eye.
Bonds: A Slight Dip in an Upward Trend Bonds, after showing some strength in previous sessions, took a step back, declining by 1.40%. Despite the drop, the overall volume for the week is shaping up well, potentially indicating sustained interest in this sector. As we assess the weekly candle, it’s crucial to monitor whether this dip is a momentary pause in an upward trend or the start of a reversal.
Gold: A Minor Uptick in an Uncertain Environment Gold’s movement today was minimal, with a slight increase of 0.26%. The precious metal is currently teetering on a key trend line, leaving its future direction somewhat ambiguous. This week’s volume and the candlestick pattern will be crucial in determining gold’s next move.
Bitcoin: Recovering from a Pullback Bitcoin showed a significant recovery today, up by 6.70%. This rebound comes after a couple of days of downward movement, marked by high volume trading. The appearance of a spinning top on the two-day chart with substantial volume is a critical point to note. It could indicate either a consolidation phase before further upward movement or a potential peak.
Midweek Review: A Valuable Practice We encourage traders to adopt a midweek review practice, stepping back to assess the bigger picture. This approach, coupled with our daily and weekly market worksheets, can significantly enhance your market analysis skills.
Closing Thoughts and Resources As always, we are here to support your journey in the financial markets. For our Patreon members, look out for the upcoming “Charting Cryptos, Commodities, and Currencies” and “Three-Wave Trades,” as well as the weekly vertical crossovers on the S&P 500. These resources are designed to aid your practice trades and deepen your understanding of market trends.
