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The market (SPY) was bear bitten Friday and tested the recent lows of early August which was our Dotted Deuce moving average. The bulls and bears are staring at a weekly failed high, Bearish Engulf Above $288.70 would indicate a relief rally may be underway, and under $294.00 we may see a shorting opportunity. A breakout of $294.00 could be a bullish setup to challenge $297.60 and the July highs. The market is in a rough place, and swing traders are in a rougher place, the China Tariff issue and mostly these damn tweets make it very hard to trade. They are a few ways to help; one way is to trade with less money risked or entirely in cash until the storm settles down a bit

Cup And Handle: The “cup and handle formation” is a bullish signal pointing to a continuation of the current trend. It may extend over several weeks or even months and contains specific attributes.
As with any continuation pattern, you rely on confirmation in one form or another. This may occur as a second technical price signal, a candlestick continuation, volume spike, or change in momentum.
There are several parts to the cup and handle. First is the cup, which is a rounded bottom extending over time. As the shape of the cup is completed, expect the handle to emerge. Click for more Cup and Handle Information

The I path Series S&P 500 VXX Short Term Futures ETN closed Friday with bullish follow-through from Thursdays Bullish Engulf. We are bullish the VXX over $27.85 and the upper trendline.

😊 Have a great trading day – Rick

Trade-Ideas

✅ No trade ideas today. This market needs to simmer down. Trade smart and wait for the QEP→ (QEP) Quality Entry Patterns).

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🎯 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.

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🎯 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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