{"id":6199,"date":"2017-08-23T07:30:00","date_gmt":"2017-08-23T07:30:00","guid":{"rendered":"https:\/market-minute\/take-your-fast-profits-right-now\/"},"modified":"2017-08-23T07:30:00","modified_gmt":"2017-08-23T07:30:00","slug":"take-your-fast-profits-right-now","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/take-your-fast-profits-right-now\/","title":{"rendered":"Take Your Fast Profits Right Now"},"content":{"rendered":"

\tIf you bought stocks into weakness on Monday, you should be selling into strength today.<\/p>\n

\tOn Monday, the stock market was poised for a bounce. The Volatility Index (VIX) generated a “buy” signal at the close on Friday by dropping back inside its Bollinger Bands. And the S&P 500 was more than 40 points below its 9-day exponential moving average – where a 30-point spread is considered extreme.<\/p>\n

\tSo, when the S&P 500 futures were trading lower on Monday morning, I told you I was going to be buying stocks<\/a> and encouraged you to do the same.<\/p>\n

\tYesterday, I sold everything I bought on Monday.<\/p>\n

\tThe market’s proverbial rubber band has snapped back. Stocks are no longer oversold. And with a 30-point rally off Monday’s lows, the “easy” money has been made on this bounce.<\/p>\n

\tThe S&P 500 is now bumping into resistance and, at this point, the downside risk outweighs the potential reward.<\/p>\n

\tHere’s an updated look at the S&P 500…<\/p>\n

\t\"\"<\/p>\n

\tThis chart has formed a recent series of lower highs and lower lows. By definition, that’s a downtrend.<\/p>\n

\tIf you’re going to make money by buying stocks in a downtrending market, then you need to buy when conditions are extremely oversold – which we did on Monday – and then sell when the market runs back up towards logical resistance areas. That’s why you should be selling right now.<\/p>\n

\tThe S&P has multiple layers of resistance here in the 2450 area. There’s the 9-day EMA at 2447. There’s the 50-day moving average at 2451. And there’s the downtrending resistance line connecting the lower highs at about 2455.<\/p>\n

\tThe index is going to have a tough time overcoming all that resistance on its first attempt. So, the upside potential is limited from here.<\/p>\n

\tIt’s probably more likely that resistance holds and the S&P turns lower and starts to fall again. If that happens, then stocks are likely to give up all of the gains they’ve made since Monday. The S&P could retest Monday’s low, or perhaps make an even lower low before finding support.<\/p>\n

\tTraders who bought stocks with me on Monday should take the quick gains off the table now.<\/p>\n

\tBest regards and good trading,<\/p>\n

\t<\/div>\n

\tJeff Clark<\/p>\n

\tP.S. <\/strong>If you traded alongside me and bought stocks on Monday, I’d love to hear about the gains you made. Email me right here<\/a> with your success stories—or if you have any questions or suggestions for the Market Minute<\/em> or Delta Report<\/em>.<\/p>\n

\tReader Mailbag<\/h2>\n

\tSome great reports on winning trades from Delta Report<\/em> subscribers in today’s mailbag…<\/p>\n

\n

\t\tGood call on SPY. Know the setup was great but sometimes even that does not work. Props to you.<\/p>\n

\t\t– Jeff<\/strong><\/span><\/p>\n<\/blockquote>\n

\n

\t\tHey Jeff, love your conservative approach. You have made me lots of money.<\/p>\n

\t\t– Ryszard<\/strong><\/span><\/p>\n<\/blockquote>\n

\n

\t\tGreetings Jeff. Let me echo what so many subscribers have already said about how educational and profitable your service has been thus far. I actually look forward to reading the Market Minute<\/em> every morning expecting to learn something, and I’m never disappointed.<\/p>\n

\t\t– Miguel<\/strong><\/span><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Traders who bought stocks alongside me on Monday are sitting on gains. It\u2019s time to take your profits off the table. <\/p>\n","protected":false},"author":28,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"service":"","footnotes":""},"categories":[1],"tags":[],"publication":[10],"person":[7],"newsletter-type":[],"ticker":[],"class_list":["post-6199","post","type-post","status-publish","format-standard","hentry","category-market-minute","publication-market-minute","person-jeff-clark"],"acf":[],"ai_tts_audio_outdated":false,"ai_tts_legacy_post":false,"_links":{"self":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/6199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/comments?post=6199"}],"version-history":[{"count":0,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/6199\/revisions"}],"wp:attachment":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/media?parent=6199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/categories?post=6199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/tags?post=6199"},{"taxonomy":"publication","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/publication?post=6199"},{"taxonomy":"person","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/person?post=6199"},{"taxonomy":"newsletter-type","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/newsletter-type?post=6199"},{"taxonomy":"ticker","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/ticker?post=6199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}