Cradle Pattern Equals Cup/Handle Pattern

YEXT daily chart is presenting us with a Bullish Cradle Pattern which is a Cup and Handle Pattern on a faster time frame. YEXT has been hot and trending in a T-Line Run, then about a week ago the profit takers stepped in and caused an Evening Star that led to a pullback below the T-Line. Price action has was in a state of indecision for four candles, the Buyers came back Friday and tested the Evening star high. And a pattern is formed, it is very important the bulls breakout of the Evening Star high and prove support. Two opposing forces are at play in chart patterns. We are bullish YEXT over $27.30 with a protective stop about $26.40

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SPY 

The weekend is over without major political jiber Jaber, and this morning the buyers are trying to sneak through the T-Line (8-EMA Moving average) 7:15 AM on the daily chart. Friday gave us six days with lower highs and lower lows and an Inverted Hammer on the 20-SMA. The Inverted Hamer indicates the sellers hit the road running right out of the gate; then the buyers fought back closing off the lows. I have found the Inverted Hammer after a trend down suggest the buyers are fighting back and trying to turn the trend around. It is very important that confirmation is visible in the next few days. Price action on the 3-day chart shows that the T-Line (8-EMA) has caught a 3-day low and has held price within the breakout candle four candles ago.

****VXX – The VXX chart was pretty active last week running up to the 50-SMA but closing under keeping the trend reversal at bay. The bullish construction of VXX is still troublesome and needs to be watched.

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