Five Bars OF Bullish Consolidation On Support

Five Bars OF Bullish Consolidation On Support

Finding and Trading The T-Line BounceFive bars of bullish consolidation on support after a trend reversal on the April gap. The trend has continued to post higher lows and higher highs while remaining above the bullish trend line. The July candle gapped and slid back holding support; the next four candles also held support. Thursday’s candle engulfed that past two candles, and Friday closed near the high presenting a Bullish Doji continuation pattern. We will consider a buy above $24.00.

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SPY • All-Time High Around the Corner

The chart pattern of the SPY suggests a challenge of the July 25th candle, a close above the July 25th candle could push the Bullish J-Hook continuation pattern into a little run that could challenge the January 2018 highs. Monday morning premarket and Fridays close looks as if the bulls will start the day. Follow price action and listen to what the market is saying. Good trading

****VXX – The VXX chart is back below the T-Line, no fear

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