Live: Tuesday, Feb. 20, 2018

2/20 – 3:15 p.m. New York time

The Fisher Transform has held steady with an uptrend signal throughout the day in the major markets, vetoing any thoughts of trading. I entered no new positions and exited none.

2/20 – 11:25 a.m. New York time

Arguably, the S&P 500 has completed, in Elliott wave terminology, its 2nd wave upward correction at the Minuette degree, and is now prepared to resume the its impulse wave, a 3rd wave to the downside. One degree higher, at the Minute degree, the index is tracing a 1st wave downward.

In order to resume trading, what I need now is confirmation on the daily chart from the Fisher Transform metric, which has signaled an uptrend since Feb. 12. One that signal has switched to downtrending, then I shall resume trading of options with a bearish bias.

Shares remain off the table since the impulse wave is downtrending, and I need an uptrending impulse wave to trade shares, which have a built-in bullish bias.

The ETF series I have been trading — QQQ, GLD and FXE — remain uptrending on the Fisher, and I shall ‘continue to wait for a downtrend signal.

By Tim Bovee, Portland, Oregon, Feb. 20, 2018


Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.

No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.

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