The market (SPY), Above $297.95 today may open the gate for more buying to challenge the $300.00 level and above. The low Friday ($293.69) started to test the August, May and September 2018 support level and found the 50-SMA, the question now will the buyers be able to build a game here? Both the daily and weekly charts of the SPY show no signs of buyer Friday.
The weekly trend from June 7, to mid-August, extended still paints a bullish trend. Now if you take in the top from June you will see a double top. The chart pattern building is a weekly Ascending Triangle. IMPORTANT, if the SPY closes below the 50-SMA the bears may have cut the legs off the buyers. Beware if VXX can show strength above $25.40
The bottom line, stay calm and remember you do not have to trade every day. Cash is a position. We have bought very little over the last few trading days, but we have managed what we own and have close a few for profits. I have personally found by waiting for the reversal pattern (Bullish or Bearish) then trade the trend after that is pretty profitable.
For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. DNR, CYH, XEC, PRGO, FIT, STT, NTNX, WHR, SU. Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.
🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.
🎯 Dick Carp: the scanner paid for the year with HES-thank you
🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.
🎯 Bob S: LTA is incredible…. I use it … would not trade without it
🎯 Malcolm .: Posted in room 2, @Rick... I used the LTA Scanner to go through hundreds of stocks this weekend and picked out three to trade: PYPL, TGT, and ZS. Quality patterns and with my trading, up 24%, 7% and 12%.... this program is gold.
🎯 Friday 6/21/19 (10:09 am) Aaron B: Today, my account is at +190% since January. Thanks, RWO HRC Flash Malcolm Thomas Steve Ed Bob S Bob C Mike P and everyone that contributes every day. I love our job.
Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.
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