Anthony Speciale Stock Market Analyst

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Is the Market Starting to Find Its Footing?

I’m not one to call a top or a bottom in the market. However, I am seeing consistency develop across the broader markets right now.

I’m not one to call a top or a bottom in the market. Most of the time, it’s an exercise in futility…

However, I am seeing consistency develop across the broader markets right now.

A base of sorts seems to be forming, which could lay the groundwork for the next big move in the market.

Over a period of several weeks, price has tightly consolidated.

And now the market is starting to rally out of that consolidation range.

Again, I’m not calling the bottom… Just stating what I’m seeing.

But here’s what I’m seeing on the charts…

The Technical Picture

Here’s how each of the major market indexes are setting up…

Weekly Chart of Dow Jones Futures – Source: TradingView
Weekly Chart of Nasdaq 100 Futures – Source: TradingView
Weekly Chart of S&P 500 Futures – Source: TradingView
Weekly Chart of Russell 2000 Futures – Source: TradingView

In the images, above you can see the short-term gray channel formations are containing the recent consolidation, which is slightly ascending

Is this just another bear market relief rally or is this a bottom being placed?

That’s what many folks are wondering.

For me, it’s about arriving at the right party. I might be late, but I’d rather be late than arrive at the wrong party all together.

With that said, many of you have asked me what my thoughts are…

My Market Take

Now, at the end of the day, all that really matters is price action.

But my opinion is that we are not out of the woods regarding inflation, energy and geopolitical tensions.

I also believe that we are long overdue for a real economic recession.

After all, the market must cycle in order to survive.

In recent decades, the government has manipulated the market so much that its natural flow has been disrupted.

Again, with all that said, I remain dedicated to price action because ultimately that’s all that truly matters to a technical trader.

Follow The Analysis

What I’m personally looking for is for price action on a weekly basis to settle above the price-significant pivot high.

To me, that’s identified on the S&P at 4,202.25.

A weekly settlement above that point would likely give me the confidence to say this market, at least in the near future, grinds its way higher.

The S&P’s next objective would then be to overcome the channel formation that was established off of the original set of lower highs creating the first significant downtrend.

Again, I might be late to the party waiting for this to happen, but my hope is to arrive at the right party at the right time dressed in the right attire for all the right reasons!

The Chandelier Way

My friend and colleague Josh Martinez has a solution for the little guy just starting out looking to book some daily profits.

He has created not only a tool but an entire strategy around his Chandelier Trader system.

The other morning, he hosted a live demonstration of the system. While I was having coffee, I decided to join in to check on his success.

Boy, was I shocked when I saw what was going on in his trading room.

Not only was he making money, but his students — one after another — were sharing how much they’d all made as well.

I was blown away.

If you’re ready to see what you could be missing out on, click right here to register for the event today at 12 p.m. ET!

I hope to see you there!

Rules to Live By

Be yourself; everyone else is already taken.” Oscar Wilde

Until next time, I wish you a beautiful and blessed day!

Yours In Trading Success,

Anthony Speciale Jr.

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