Market Analysis for May 6th, 2021

May 6, 2021 - 4:14 PM EDT

Next time someone asks you whether moving averages work or not 👇

You tell them they are great to quickly judge short-term momentum in respect to chart's timeframe. Valuable tool when paired with the correct market context, presuming you know what you are doing when judging odds. They do not work 100% of time.

(please note: most moving average users are novices and do not understand context+market dynamics and jump from one methodology to the next...hoping to find 'holy grail' which does not exist)

Or you could give them Ricky's annotated ES daily chart

Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.

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