T-Line Back Above 34-EMA

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The buyers have done a great job this past week, and as of Fridays close and today (Monday) Futures, the buyers plan on the same type of price action, slow steady and inching it’s self up. Over the last few days, price action has been bullish enough to bring the T-Line back above the 34-EMA, we now have a bullish trend based on the T-Line and The 34-EMA above $294.15 and resistance in the $298.80 to the $302.00 area. While a pullback to test the recent breakout ($294.15) would be common, a breakout down below $295.15 would suggest the bears are still around. T2122 is still overbought, and the VXX showed no fear Friday.

Japanese Candlesticks: Japanese Candlesticks are leading indicator among individual traders, mainly because they are easier to learn and interpret versus bar charts. Of equal importance is the fact that they fall into the category of leading indicators. Unlike lagging indicators (for example; a moving average) which appear after the event, the Japanese Candlesticks signals are leading indicators because they provide early warning alerts to possible price movements. When you see one of these alerts confirmed by moving averages, they can provide profitable trade opportunities. Read More

The I path Series S&P 500 VXX Short Term Futures ETN. Price action and fear has been weak the last few days as the price is still dropping to and looking for support and buyers. For a VXX trade, we will be waiting for the prober candle pattern and price action for a clue to trade.

Trade-Ideas

For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. SNAP, MTN, DVA, HP, ANGI, IART, VMC, HIS, BB, Trade smart and trade your trade. These and all stocks ticker we mention and talk about are not recommendations to buy or sell.

😊 Have a great trading day – Rick

✅ Check out our newest YouTube videos👈

$50.00 discount with code: Privilege

🎯 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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

Price Holding Ground

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✅ SMS text alerts and reminders?👈

✅ At hit and Run Candlesticks, we focus on Stocks / Simple Directional Options

The market (SPY), The SPY broke out yesterday and held its ground yesterday, closing above $294.25. Resistance has now become support. A challenge of all-time highs is now back on the table with follow-through from the market. Back below $294.25 would be a different story. Yesterday in the trading room we saw tons of profit scooped up by members, myself included because of the gap up and the possibility of a Friday rest day, yesterday was a great day! KO up 22%, WDC up 51%, MU up 30%, up 27% WMT. We will be watching for new setups that have pulled back to or near support that has met our conditions for trade. Right now the SPY is a bit high, T2122 is overbought, caution not to chase a trade, make them come to you.

Trend Reversals: A trend reversal does not mean that the prices will reverse (as you might be inclined to think). Instead, it indicates that the prior trend should change. The prices may reverse as well, but the trend’s direction is the important thing here. A trend reversal pattern is considered successful if the trend changes after the pattern appeared, whether the trend changes from upward to downward, downward to sideways, sideways to upward, etc. Read more about Candlesticks and Trend Reversals

The I path Series S&P 500 VXX Short Term Futures ETN.  Price action has dropped below all out T-Band trend lines suggesting the last few days lacked fear. The VXX is now approaching a little support, with the right price action, we could see a T-Band challenge.

Trade-Ideas

Ya baby it’s Friday! For Hit and Run Candlesticks, Friday’s are more about profit-taking and getting ready for the weekend. There are no watch-list updates on Fridays. We wish you a fantastic weekend.

😊 Have a great trading day – Rick

✅ Check out our newest YouTube videos👈

$50.00 discount with code: Privilege

🎯 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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

Short Squeeze

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Short Squeeze

After gaping up triggering a brief short squeeze, the market chose to chop sideways the rest of the day once again leaving the biggest price action of the day in the gap.  The question for today is whether the Employment number and the Powell speech will inspire for the bulls to push higher or if the bears will get the energy to attack backfilling the gap below.  After rallying nearly 850 Dow points in just 3-day on nothing more than a commitment to talk about trade in month one has to wonder if emotion got way too far ahead of common sense?

Overnight Asian markets closed the week with green across the board as Hong Kong protest subside.  European markets appear tentative and mixed this morning with the swirling uncertainty of Brexit as they head into the weekend.  Ahead of the Employment Situation Report, the bulls are pushing for another gap up open but how the market actually opens will greatly depend on the reaction the 8:30 AM report.  Get ready for a wild day as we close out this gap a day week and head into the uncertainty of the weekend.

On the Calendar

On the Friday Earnings Calendar, we have just 10 companies reporting results.  About the only somewhat notable report is GCO.

Action Plan

A day after a short squeeze triggered on news that the US and Chian will return to the negotiations table traders are now holding there breath hoping the employment numbers will allow the bullishness to continue.  The ADP report and the consensus estimates suggest the economy created more than 160K jobs last month and that the unemployment rate will remain flat.  Currently the US Futures, suggest a desire to extend the short squeeze into the weekend.  However, a surprise miss would likely quickly reverse that sentiment, and if the number were to come in better than expected what would that mean for the hoped-for interest rate cut?

Technically speaking yesterday’s gap and go nowhere price action saw key resistance levels broken and the DIA, SPY, and QQQ closed above their respective 50-day averages for the first time in more than a month.  Unfortunately, the 3-day gap riddled rally has moved the indexes from a short-term oversold condition to a short-term overbought condition according to the T2122 indicator.  So the question is can the bulls hold on to this big bullish reversal or will the bear’s attack and fill the big gap below?  That leaves some tough choices for traders as we head into the weekend.

Trade Wisely,

Doug

High Emotion

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High Emotion

High emotion continues to govern the market price action this morning with yet another large news-driven morning gap.  China and the US have agreed to hold ministerial-level talks one month from now with deputy-level talk not expected until mid-September.  While it is very good news that we will return to the negotiations table, a lot can happen during that month of waiting as the uncertainty swirls around the market.  I guess what I’m saying is that the All-Clear is a long way off so expect volatility to continue and carefully plan your risk as we navigate through this new-driven minefield.

Overnight Asian markets Asina markets closed mixed but mostly higher as traders closely monitored the developments in Hong Kong.  Currently, European markets have mixed results but mostly modestly higher, reacting to UK developments and China-US news.  US Futures are very happy this morning ahead of a big day of economic reports and earnings.  The Dow points to gap up of nearly 250 points as it waits for the data dump.

On the Calendar

The Thursday Earnings Calendar is the biggest day of reports this week with more than 40 companies reporting.  Notable reports include LULU, ZM, CIEN, DOCU, GIII, LE, MDLA, FIZZ, SIG, and ZUMZ.

Action Plan

US and China have agreed to hold ministerial-level trade talks in early next month with the deputy-level meetings not taking place until mid-September.  British Prime Minister Boris Johnson has now failed in his attempt to force a no-deal Brexit by the end of October stabilizing the Sterling and kicking the can further down the road.  US Futures are bullish on this news ahead of busy morning on the Economic Calendar as well our biggest day of the week for earnings reports.

So once again the market is expected to significantly gap this morning, but at least it’s in the same direction as yesterday’s gap up and chop price action.  Honestly, I have a hard time understanding agreeing to talk about trade one month from now warrants a gap of more than 200 points.  However, I also have to say that I’m not all that surprised considering how erratic and emotional the price action has been over the last month.  The question now is, can it hold as the uncertainty swirls around us for another month.

Trade Wisely,

Doug

Resistance Breakout Today

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✅ SMS text alerts and reminders?👈

✅ At hit and Run Candlesticks, we focus on Stocks / Simple Directional Options

The market (SPY), With futures up this morning on Trade Talk meetings and some Hong Kong headway we will see a breakout of the early August resistant level. And I am sure you know how crucial bullish control and follow-through is. Bullish follow-through above about $294.25 could run back price action into the $300.00 area for a July high challenge. Please note this is all based on the bulls taking the ball back. We are only one tweet away from 300-500 point moves in this crazy market. If you follow the T-Line Bands the SPY weekly chart, you can see the last 5 bars testing the lower red line, challenging the mid-blue line.

Video- Trading The T-Line Trap

Trading The T-Line Trading the T-Line, also known as the trigger line or trend line, works well for all trading plans and investment strategies. If you want to embrace this strategy, look into (what I call) the T-Line run. T-Line runs can be very profitable if you know how to identify them and use them properly. Curious? Read on to learn more about the types of T-Line run, get some helpful application tips, and learn how to confirm your trades to make smart entrances and exits. Trading The T-Line

The I path Series S&P 500 VXX Short Term Futures ETN.  The VXX weakness yesterday closed below the 34-EMA, and today the bearish price action in the VIX should pull the T-Line down with it. The price action the vix is demonstrating the lack of fear trader now have.

Trade-Ideas

For your consideration: Here are a few charts I thought should go on the watch-List, remember to trade your trade. SFM, CVS, COST, SHAK, TLRY, PG, CMG, ZAYO, UPS, KR. Trade smart and wait for the QEP→ (QEP) Quality Entry Patterns). We do not recommend stocks to trade

😊 Have a great trading day – Rick

✅ Check out our newest YouTube videos👈

$50.00 discount with code: Privilege

🎯 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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

Another overnight reversal.

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Another overnight reversal

I guess at this point we should not be surprised to see yet another overnight reversal and once again confirming traders cannot trust price the price action from one day to the next.  After the market closed yesterday we learned that Parliament voted to take control of the government and will today attempt a vote to block a no-deal Brexit attempt by the Prime Minister.  We also learned that Hong Kong has finally withdrawn the China extradition bill that sparked so much public unrest. 

Asian markets closed higher across the board last night with the HSI zooming up 995 points after the withdraw of extradition bill.  European market sees green across the board, and the Sterling has recovered after the UK Parlement vote blocking the Prime Ministers no-deal Brexit plans.  Consequently, US Futures point to a gap up with the Dow currently expected to open about 200 points higher ahead of earnings and a full of FOMC speakers.   

On the Calendar

On the hump day Earnings Calendar, we have 26 companies reporting quarterly results.  Some of the notable reports include WORK, AVAV, AEO, HOME, CLDR, MIK, PANW & VRA.

Action Plan

Tuesday morning brought out the sellers after manufacturing numbers declined, but the bulls found some inspiration recovering slowly but steadily throughout the afternoon.  Tensions are high today in the UK after a majority voted to take control of Parliament.  The action blocked the Prime Ministers plans to suspend Parliament forcing a no-deal Brexit.  Later today Parliament will vote in an attempt to block the Boris Johnson no-deal plans scheduled for October 31.  We could see US market volatility as a result.  Hong Kong markets experienced a huge rally during the night when leader Carrie Lam announced the withdraw of the conversational extradition bill.

As a result of all the overnight news, US Futures point to a bullish open ahead of earnings reports and the International Trade numbers set for 8:30 AM Eastern release.  Consensus estimates suggest a decline in the trade deficit in July.  We also a full day of Fed Speakers between 9:30 AM and 3:15 PM with a total five FOMC members on the calendar.  All in all just another day of market turmoil with yet another overnight reversal gap making price action nearly impossible to trust from day-to-day.

Trade Wisely,

Doug

Wacky Wednesday

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✅ SMS text alerts and reminders?👈

✅ At hit and Run Candlesticks, we focus on Stocks / Simple Directional Options

Still no real direction even with the futures being up this morning. Honk Kong is taking some of the concern off the table for the market but is it enough for the charts. Looks like we are receiving a price gap up this morning above the 34-EMA and below the 50-SMA, the end of day price action could be very important to the charts. A close above $294.00 would show positive bullish intent. While a close below yesterday’s Doji $290.45 would show bearish intent. I still suspect more chop and indecision awaits us, swing traders.

Bullish Mat Hold Pattern: Any wrestling fans out there? When you think of the Bullish Mat Hold pattern, think of the bears as a determined but fatigued wrestler, trying to hold the bulls to the mat. After gaining control of the bulls, they make a few short pushes to lower the price, but they are ultimately defeated. They simply can’t match the bulls’ tenacity! Although the Bullish Mat Hold is known to be trustworthy and true, it occurs infrequently. For help spotting this bullish continuation pattern when it does make a chance appearance, review the information below and keep your eyes peeled! .Read More Bullish Mat Hold Pattern.

The I path Series S&P 500 VXX Short Term Futures ETN.  A close today above the 34-EMA keeps the VXX in a bullish chart pattern, a close above $28.85 would spark fear.  

Trade-Ideas

✅ For your consideration: Here are a few charts I thought should go on the watch-List, remember to trade your trade. MLM, WB, SUM, DVAX, WDC, CVS, Trade smart and wait for the QEP→ (QEP) Quality Entry Patterns). These Trade ideas are not recommendations.

😊 Have a great trading day – Rick

✅ Check out our newest YouTube videos👈

$50.00 discount with code: Privilege

🎯 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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

More storms than expected.

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storm

While all eyes focused on the approaching Florida storm it seems there was another storm brewing in currency markets this weekend.  The British Sterling dropped by $1.20, and the Euro slipped to a 28-month low not to mention Argentina that is nearing total financial collapse and Lebanon declaring a state of economic emergency.  Certainly, an uncomfortable backdrop for the market as new US-China tariffs took effect on Sunday and spilling August’s volatility into the beginning of September.

Overnight Asian markets closed mixed but relatively flat while Australia decided to keep interest rates unchanged.  Across the pond, European markets are slightly lower across the board as they deal with the uncertainty of Brexit and the Sterling selloff.  Here in the US, futures markets are trying to rally off of overnight lows ahead of a big week of economic data but still point to a substantial gap down open adding to the technical damage of the index charts.  Hang on as the storm clouds continue to stir with uncertainty.

On the Calendar

On this morning’s Earnings Calendar, we have just over 34 companies reporting results.  Notable reports include CONN & COUP. 

Action Plan

An eventful holiday weekend as Hurricane Dorian as lashes the coast of Florida, Argentina nears financial collapse, the British Sterling falls below $1.20 while the Euro slides to a 28-month low and additional US-China take effect.  The Market also faces a busy Economic Calendar beginning with Housing data as well as the ISM Index today and ending the week with the Employment Situation report Friday morning.  It seems the market uncertainty that plagued August markets will spillover into September keeping traders on edge and price volatility high.

Although the US Futures are currently trying to bounce off of overnight lows, it seems likely markets will open with a substantial gap lower putting pressure on hopeful traders that picked up risk heading into the weekend.  With traders possibly extending their holiday vacations and the disruptions that Hurricane Dorien could produce anything is possible.  Keep an eye on the gap below that was created last Thursday that could easily fill if the bears find inspiration after the morning gap. 

Trade Wisely,

Doug

More Chop, No Direction

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✅ SMS text alerts and reminders?👈

✅ At hit and Run Candlesticks, we focus on Stocks / Simple Directional Options

The market (SPY), More chop and no direction, Friday the buyers had a chance to break out and stay out of the sideways channel they have been playing in, but instead, they started the day with a bullish bang and ended with a fizzle. Here is Tuesday morning after a 3-day weekend and the futures are pointing to a weak open possible below the 34-EMA. The question for the day is where we will close for the day? A close above $ 292.15 we would consider cautiously bullish and below $290.60 bearish

Bearish Dark Cloud Cover Pattern: Do you have an umbrella handy? When dark clouds are on the horizon, you know that a downpour could soon be on the way.

Similarly, when you spot the Dark Cloud Cover pattern on a Japanese candlestick chart, you need to anticipate the arrival of a bearish reversal. This candlestick pattern is somewhat easy to spot because its formation clearly reflects its name: at the end of an uptrend (i.e., a sunny day), a black candle appears (a “dark cloud”), heralding a reversal. Let’s learn a little more about this ominous signal… .Read More Dark Cloud Cover Pattern.

The I path Series S&P 500 VXX Short Term Futures ETN.  A close today above the 34-EMA keeps the VXX in a bullish chart pattern, a close above $28.85 would spark fear.  

😊 Have a great trading day – Rick

Trade-Ideas

✅ September 3, 2019, No Trade Ideas Today. Trade smart and wait for the QEP→ (QEP) Quality Entry Patterns). These Trade ideas are not recomendations.

✅ Check out our newest YouTube videos👈

$50.00 discount with code: Privilege

🎯 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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

Labor Day Weekend!

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Labor Day Weekend

As the Labor Day weekend approaches the bulls look to extend yesterday’s rally with yet another substantial gap up open.  The all or nothing emotional price action has become tiring and honestly ridiculous considering tariffs remain in place and negotiations have yet to begin.  Having said that, it’s still nice to have a relief rally!  The question now is, can it hold as traders head out for the long weekend, hurricane Dorian targets the Florida coast and growing uncertainty of earnings growth?

Asian markets closed the week mixed but mostly higher as Beijing signals a desire to come back to the negotiations table.  European markets see green across the board on the easing of trade war rhetoric even as a no-deal Brexit threat grows.  The US Futures are in celebration mode this morning pointing to another substantial gap higher of more than 100 Dow points.  Be careful not to chase the open and don’t be surprised if the price action quickly runs out of steam and become light and choppy as traders head out to enjoy the long weekend.

On the Calendar

On the Friday Earnings Calendar we have just 14 companies reporting with BIG, CPB, and JKS among the notable.

Action Plan

Yesterday’s big rally is getting a big gap follow-through this morning extending the indexes into a short-term overbought condition according to T2122.  With the Labor Day weekend just around the corner, volumes could quickly decline as traders take off early for the extended weekend vacation.  Market emotions are high that a deal will be forthcoming, but a lot can happen over a 3-day weekend so plan your holdings accordingly.

According to forecasts, hurricane Dorian is likely to make landfall on the Flordia Coast Monday.  For all our Flordia friends I wish you safety as you make preparations to protect your homes and property. It now appears the storm will slow down and strengthen so, and please don’t brave the storm, get yourselves to safety and wait it out.  Dangerous storms such as this can have also have substantial market impacts that affect price action so prepare for more volatility come Tuesday morning.

Trade Wisely,

Doug