Today’s Trade Idea

Long: (No trade Idea today) .
My entry plan idea:
My stop plan:
Good Morning,
Our thoughts and prayers go out to the passengers, families and crew of the Malaysia aircraft that crashed yesterday. Innocent families, so sad and needless.

SPY: It’s pretty obvious the market sold off yesterday, the spy closed down below the T-Line and the 20 day simple moving average, this implies that the bearish short-term swing traders are in control. It’s always wise to have a plan for different outcomes at the close, our bearish plan is acting just as we have described. Yesterdays close at 195.71 found our 23.6 retracement and came within pennies of the 34 EMA. I wouldn’t be too surprised if we see some kind of bounce or slight relief rally today but I do not believe it will be sustainable today or possibly over the coming days. The 38.2 retracement about 193.85 which is near the 50 day simple moving average is the likely target for the near future.

From a candlestick point of view the negative close of yesterday has now painted an evening star candle pattern which is bearish.

Evening Star Signal

The Evening Star signal gets its name from Venus when the planet rises early in the evening sky. When a star gazer sees Venus he knows that a long night lies ahead. When a technical trader sees the Evening Star signal, he knows that the current upward trend for a stock, commodity, or currency is about to change into a downward trend. The signal consists of a long white candle, a short black candle whose bottom lies above the top of the first candle, and then a relatively long black candle that takes away most of the gain seen in first day of the three-day Evening Star Signal. The Evening Star is a technical signal. It tells the trader that a bear market is in the offing, no matter what the underlying cause.

This Week’s Economic Calendar—> Click Here

Current Swing Trade Featured Trade Ideas- Gold & Silver Members Only: Become a Member—> Click Here

***Members see the ticker symbols —> Become a Member Click Here

VXX S&P 500 VIX Short Term Futures: Yesterdays close above the T-Line ™ implies the bullish short-term swing traders are in control, yesterday’s candlestick implies the buys are trying to form a bottom

USO United States Oil Fund: Yesterdaysclose above the T-Line ™ implies the bullish short-term swing traders are in control. The bullish follow though yesterday implies the buyers are ready to take USO higher, could see consolidation today

GDX Gold Miners ETF: Yesterdays close above the T-Line ™ implies the bullish short-term swing traders are in control. Yesterday’s candlestick implies the bulls are in control

TLT: Yesterdays close above the T-Line ™ implies the bullish short-term swing traders are in control. Yesterday’s candlestick and the pattern the last 5 days implies a bullish set up pattern.

The above are just my thoughts to myself just thought I would share with everyone.

Investing and Trading involves significant financial risk. No communication should be construed as financial or trading advice. All information provided is for Educational Purposes Only.

— Rick

Members Trade Ideas – Members Only