Bullish Engulf with Follow Through
BSTI found support in the T-Line Bands with a Bullish Engulf and follow through above the 50-SMA and with about 50% to the 200-SMA we have a well organized Rounded Bottom Breakout. The last two candles make up a pattern we call Doji Continuation pattern. I will add BSTI to the LTA-Live Trading Alerts Real Time Market Scanner watchlist for a buying alert. BSTI bullish above $5.90, stop below $5.62
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SPY • New Day Low
Four candles and four new lows, the sellers continue to take from the buyers. Yesterdays Inverted Hammer closed below the 200-SMA but above the upper T-Line Band is acting like support with three higher lows and three higher highs. The weekly chart struggles with the 50-SMA and is trying to print a Bearish “h” pattern. Bottom line the market is a mess right now, I feel my best approach is to take off some risk and work on building a good watchlist.
****VXX – The VXX is still hanging out near the 200-SMA closing yesterday with a Doji on the daily chart. The weekly chart hax VXX in a Rounded Bottom Breakout pattern and PBO Bullish Harami.
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