SPY 2-Day Chart Printed Bullish Engulf

The good news: The SPY 2-day chart has printed a double bottom Bullish Engulf all on the 200-SMA. So is this the start of a bullish turnaround? The answer is in whether or not we have bullish follow through over the first hurdle $273.25. The bad news is the SPY like the other indices are in a painful downtrend with a ton of resistance above. Trade considerations and rate hikes continue to add bearish weight to this market. Smaller and fewer positions and quicker profits seem to be the key in this market.

TAL RBB Setup

TAL is an (RBB) Rounded Bottom Breakout Setup and finding support on one of our lower band lines. In the last few weeks price has rallied up and rested with a Flag formation. The rule of thumb is that on a breakout price should move to the next resistance level. The typical RBB trade target direction is the 200-SMA. Adding TAL as a trade candidate to add to our LTA-Live Trading Alerts Real Time Market Scanner watchlist for a buying alert. TAL bullish above $29.15, stop below $27.75

****VXX – Yesterday the VXX chart shows that a little fear was leaving the party. Be careful this party can start up again at any time.

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