Success is simply a matter of luck. Ask any failure. — Earl Wilson
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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.
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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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Success in Market Analysis: The Role of Perseverance and Daily Practice
Success in the financial markets is often misconstrued as a matter of luck. However, as Earl Wilson aptly noted, asking any failure will reveal that success is more about perseverance and consistent effort. Spending 10 to 15 minutes each day analyzing the market is not about luck; it’s about dedication and the willingness to learn and adapt.
Today’s market review highlighted some interesting trends, particularly in the performance of Bitcoin, but let’s start with the S&P 500. With the market nearing its close, the S&P was down slightly, fluctuating around 0.7%. The two-day candle indicated that the market might be stalling, and we are keenly observing to see if this is the beginning of a top-out similar to what was observed in late July, or if it’s a precursor to a Santa Claus rally.
The NASDAQ 100 showed a slight uptick for the day but had already breached the weekly trend line, suggesting a stronger pullback than the S&P 500. With volume below average over the past few days, this could be an indication of the market topping out.
Bonds presented a different story, up 2.08% for the day. This sector has been consistently rewarding, showing a steady upward movement since bottoming out. The day’s performance in bonds was a testament to the gains one can achieve through patient and persistent market analysis.
Gold, on the other hand, pulled back slightly by 0.38%. After a significant rise, gold showed signs of exhaustion, especially evident in the long wick of the latest two-day candle. This could indicate that gold has reached its peak, or it might just be digesting its recent gains before climbing higher.
The standout of the day was Bitcoin, booming up 2.48%. Bitcoin has shown a strong rally, especially considering its performance earlier in the year where it would often rise and then diminish in value. This current upward trend in Bitcoin is a positive sign for those tracking its recovery and growth.
This market overview underscores the importance of perseverance and daily practice in understanding market trends. Success in trading is not about luck; it’s about the consistent application of knowledge and the ability to adapt to market changes.
At Charting Wealth, we are committed to guiding you through the complexities of market analysis. Your daily practice in charting and understanding market movements is key to developing your trading acumen.
