Bearish Oreo Cookie

The market (SPY), Another lower low, Bearish Engulf, and a Bearish Oreo Cookie pattern. Yesterday was a particularly bad day for the market. The pre-market futures this morning don’t seem to be finished pushing the market either. As we have been posting, below $297.95 was the line that the bulls needed to capture, below $297.95 was chop and dangerous place to be buying to my longs, and closing below $293. 70 was going to bring in a bear storm. Right now I don’t see too much from stopping the bears sell us off to the $ 290.00, $288.80 area. We had bought some VXX yesterday with a possible move offer the $25.00 Line (so far so good. Over the $25,00 line, we possibly could see $26.40, which would be a SWEET PROFIT. And possible challenge the $28.00 range.

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T-Line and T-Line Channels, Another day below the T-Line Bands (Channels), and a lower low. The August price action makes for a smooth trend line drawn. Looking at the premarket action price is already below the line, the bears (sellers) are a bit hangry. The VXX chart us pushing up through the T-Line Bands like butter and now have established a little support over the bands.

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The bottom line, We should never rule out a monster bullish reversal on any given day, but until it happens the closing candle today and the recent candles (price action) can lead us to $288.80 then possibly the August lows. Managing your portfolio is far more critical than finding new hot trades to trade. Here is a good quote I heard years ago…”Don’t eat like a bird and poop like an elephant.

Rick

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For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. Short- TSN, RPM, COST Long- SBH, FIT, HOME-  Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

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