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Inside Day

August 27, 2019 by Rick Saddler

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The market (SPY) is trapped between $281.95 and $284.00 a 13 point range. The buyers are trying to get price back above $288.70 then $294.00 while the sellers are trying to keep the price below $288.70 and $281.95. It is very tough to trade while the price is stuck in a range with price whipping back and forth. Another big challenge for both the buyers and sellers is all the damn tweets. Following the T-Line Bands can be beneficial when you’re trying to follow the trend.

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The I path Series S&P 500 VXX Short Term Futures ETN. VXX remains in a bullish stance, currently constructing a continuation pattern. Above $30.30, $34.25 could be captured.

😊 Have a great trading day – Rick

Trade-Ideas

✅ For your consideration: Here are a few charts I thought should go on the watch-List, remember to trade your trade. (long) AMGN, KR, TSN, KO, WMT, (short) CERN,, DHR,CPRT, KMX. Trade smart and wait for the QEP→ (QEP) Quality Entry Patterns). These Trade ideas are not recomendations.

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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.

🎯 Bob S: LTA is incredible…. I use it … would not trade without it

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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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Lingering Uncertainty

August 27, 2019 by Doug Campbell

Although the overnight reversal was a welcome relief from Friday’s selloff there remains a lingering uncertainty that there will progress made on trade negotiations. We have been here before with high hopes only to see the negotiations breakup in a matter of hours. Fool me once shame on you, fool me twice shame on me seems to be the attitude of the market. It’s time to see some actual progress rather than platitudes and political spin. Expect price volatility to continue as the indexes continue to deal with significant technical damage.

Overnight Asian markets closed mixed but mostly positive, and traders moved tentatively watching trade developments with caution. This morning European markets trade cautiously mixed as well this morning as the world waits for some clarity. US Futures have recovered from early losses pointing to a relatively flat open ahead of earnings and Consumer Confidence reports.

On the Calendar

On the Tuesday Earnings Calendar, we have just 37 companies reporting results. Notable earnings reports today include ADSK, BMO, BNS, BNED, EV, FRO, HPE, SJM, and VEEV.

Action Plan

Yesterday’s relief rally on hopes of US and China re-engaging in negotiations was very nice but technically speaking very little changed. While it’s encouraging that the indexes held Friday’s lows as support the overall downtrend of the indexes remains intact with significant price and moving-average resistance above. While the President talks favorably about China’s desire to make a deal, there is a palpable uncertainty by the market.

That uncertainty is justified because we have been here before only to be disappointed with negotiations attempts breaking up just hours after restarting last time. That appears to be making the US Futures a bit tentative this morning pointing to a flat open. Expect volatile price action to continue as the market continues to hope for but still waits for clarity.

Trade Wisley,

Doug

Willingness to Return!

August 26, 2019 by Doug Campbell

A massive overnight reversal of market sentiment after China announces its willingness to return to the negotiation table and the President speaks favorably of a future deal. Indeed very encouraging but I would expect the market to remain very news-driven as they attempt to hammer out the details. There is obviously a lot at stake here for both countries so I would guess a completed deal could still be months away.

Overnight the Yuan slid to an 11-year low, and Asian markets experienced an ugly selloff across the board. This morning European markets are mixed but have recovered from the lows after signaling the resumption of US-China negotiations. US Futures, although fluctuating wildly, point to a substantial gap open ahead of earnings reports and a Durable Good number that consensus estimates expect will decline at 8:30 AM Eastern. Hang on tight; the price volatility is likely to remain quite high this morning as the market reacts.

On the Calendar

On the Monday Economic Calendar, we have 30 companies reporting results with none that are particularly notable.

Action Plan

As China and US lobbed tariff bombs back and forth on Friday, it was looking pretty grim with the US Futures declining 300 points at the open yesterday. However, during the night China trade officials called the US, interested in re-engaging in negotiations. The future responded in kind not only recovering losses but as of now point to a positive open. I’m not exactly sure how an agreement to talk warrants such a big change in sentiment, but I’ll take it and happy to see the change this morning.

Unfortunately, even with the big overnight reversal significant technical damage was created in the index charts with Friday’s selloff. News of a trade deal could quickly correct the damage, but I doubt a return to the negotiation table will do the trick. Both countries have a lot at stake, and I would expect a lot of tough talk in the near future as they try to hammer out their differences. Expect more drama as this battle continues to unfold.

Trade Wisley,

Doug

Bitten By The Bear

August 26, 2019 by Rick Saddler

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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).

✅ Check out our newest YouTube videos👈

🎯 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

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

Powell’s tightrope walk.

August 23, 2019 by Doug Campbell

FOMC Chairman Jerome Powell’s tightrope walk begins at 10:00 AM Eastern from the Jackson Hole economic policy symposium. The entire financial world will be watching hoping to gain some clarity as to the committee’s future rate plans. If the market perceives dovishness, we could end this choppy week with a nice rally. Hints of hawkishness and can expect the very sensitive bonds to react negatively and emboldening the bears triggering an attack. No matter what you want, the Fed to do, it would be wise to remain flexible and stay focused on the price action likely to become volatile.

Asian markets finished up their week positively even as tensions grow between Japan and South Korea and the Yuan dipped to new lows. European indexes are cautiously higher this morning as they wait for Powell’s address. As a result, US Futures have held positive all night long indicating a modestly bullish open with the hopefulness of a dovish FOMC. How today ends up is anyone guesses but consider your risk carefully as we head into the weekend.

On the Calendar

On the Earnings Calendar, we get a little break with only 28 companies reporting this Friday. Among the notables are FL, and BKE.

Action Plan

Today the market with turn all of its attention to Jackson Hole and the Chairman Powell’s address at 10:00 AM Eastern. The market is seeking clarity of FOMC’s plans for rate cuts later this month and into the future. If his speech comes off with a dovish tone, the market will likely react quickly with a bullish move to end a week of otherwise choppy and frustrating price action. However it there is even a hint of hawkishness in his speech the bears could quickly attack, and bond yields could once again invert. Indeed a difficult tightrope to walk for the chairman as the entire financial world watches.

Yesterday the market chopped in lockstep with the bond rates. Early in yesterday session bond yields inverted but later recovered as did the market. This morning there is a slight improvement in yields with the hopefulness of an FOMC action. The indexes are still facing the challenge of overhead price resistance and their respective 50-day moving averages. Prepare for volatility as Powell speaks and consider your risk carefully as we head into the uncertainty of the weekend.

Trade Wisley,

Doug

Powel, Friday, weekend. What could go wrong?

August 23, 2019 by Rick Saddler

Yesterday we sent a text alert for SHAK. So far we are up 10% or $300.00. I will keep you updated if you are in the trading room or if you have subscribed to the free text messaging service. Get for free text alerts

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The Pinball Set-up: Imagine that you are at a pinball machine. You grab the plunger, pullback and the silver pinball falls back against the plunger paddle. Then you let go of the plunger and the silver pinball catapults up and away from the plunger to hit various targets or bumpers. The pulling back on the plunger builds momentum for a brief opposing move. The bumpers are resistance areas as the silver pinball moves higher. Eventually, the pinball loses momentum and falls back. This visual is the basis for the Pinball Set-Up strategy. Click for more Pinball Set-up Information

The market (SPY) has been bouncing between our Dotted Deuce (200-FWL) period moving average and the 50-SMA period moving average. Mr. Powell is set to speak this morning from Jackson Hole. I suspect the information given today will either pop or drop this market. Above the 50-SMA period M/A we should see a challenge of the July highs and below the 200-SMA period M/A I can see a test of $260.00 after a few drops and relief rally pops. This is a market where a trader must be nimble and follow his/ her rules very close. I know we don’t like to take losses but ask your self when is a $100.00 loos the best trade of the day?

The I path Series S&P 500 VXX Short Term Futures ETN closed yesterday with a Bullish Engulf, without bullish follow-through we don’t have much. Over $26.30 would show fear in the market, and we would look at long VXX trade and adding a few shorts to our portfolio.

😊 Have a great trading day – Rick

✅ Check out our newest YouTube videos👈

Trade-Ideas

✅ No trade ideas on Fridays. Enjoy your weekend with pie, good friends and family and a cold one. Trade smart and wait for the QEP→ (QEP) Quality Entry Patterns).

🎯 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

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

Pop and Chop

August 22, 2019 by Doug Campbell

I think the best description for the price action of late is Pop & Chop. An exciting gap up market open followed by sheer boredom as uncertain bulls and bears milling about waiting for the next tidbit of news hoping for clarity. The FOMC minutes provided no clarity, and now it looks like the best hope for inspiration is the Powell address at 10:00 AM Eastern from Jackson Hole. I would not be at all surprised is we see more of the choppy price action today as we wait.

Asian markets closed mixed overnight as manufacturing data showed a decline putting pressure on the Nikkei. Across the pond European indexes are seeing modest declines across the board in reaction to another US bond yield inversion. Here in the US, futures also point to modestly bearish open ahead of morning earnings reports and the weekly Jobless Claims.

On the Calendar

We have more than 50 companies reporting earnings this Thursday. Among the notable reports are CRM, VMW, GPS, HPQ, INTU, ROST, DKS, FLWS & CM.

Action Plan

After great earnings results from LOW and TGT gaping the market higher at the open the price action once again went flat and chopped sideways the rest of the day. The FOMC minutes release was a non-event providing no further clarity as to interest rate path forward. Perhaps, Powell’s address in Jackson Hole Friday morning will provide enough inspiration the shake loose of the summer doldrums.

Once again the US 10-year bond rates have slightly inverted with the 2-year bond rates, but the market seems to be taking it in stride this morning lifting off the overnight lows slightly while still pointing to a modestly bearish open. However, that could easily change a earnings result roll in, and we get the latest reading on Jobless Claims. Overhead resistance of price and moving-averages continues to challenge the index charts clearly defining the battlefield of the bulls and bears. Although price action has been very challenging, let’s keep in mind the Dow is less than 5% below its record highs in July, which is a pretty mild correction at this point. Nonetheless its have still been very frustrating, and I would expect more chop today amid so much uncertainty.

Trade Wisely,

Doug

Waiting on News

August 22, 2019 by Rick Saddler

Yesterday we sent a text alert for those owning ENPH that we were closing ENPH for a 30% profit because of the risk in the market. We felt 30% was a good base hit. Get for free text alerts

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Candlestick Patterns: To amateurs and unaware young traders, the fact that candlesticks play an essential role within the world of swing trading may seem absurd. How could candlesticks and the stock market possibly be related? However, the key lies within the shape of a candlestick, which resembles an ancient and reliable Japanese method of graphing stocks. Known as Japanese candlestick charts, these graphs are reliable and easy to read. They allow traders to visually detect selling pressure and buying pressure by studying informative candlestick patterns. Click for more Candlestick Information

The market (SPY) seems hesitant to go anywhere right now ahead of any news coming out of the Jackson Hole meeting. The SPY closed with yet another Doji very near the top of the current chart pattern. If the bulls run we will what to watch resistance starting at $295.50 to $295.70. A close below $290.85 could lead to a test of the August lows or the on of out 200 period moving averages.

The I path Series S&P 500 VXX Short Term Futures ETN. The VXX closed down on the 50-SMA period moving average. Below $25.30 sets up a lower move for the VXX and above $25.30 sets up a higher step $26.30 or higher.

😊 Have a great trading day – Rick

✅ Check out our newest YouTube videos👈

Trade-Ideas

✅ For your consideration: Here are a few charts I thought should go on the watch-List, remember to trade your trade. AKAM, NVRO, TRHC, MSI, TSN, TXN, MCD, MSFT, COST, QCOM. Trade smart and wait for the QEP→ (QEP) Quality Entry Patterns). These Trade ideas are not recomendations.

🎯 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

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

Challenging

August 21, 2019 by Doug Campbell

August is traditionally a very challenging month for the market, and so far, AUG19 has certainly lived up to its reputation. Erratic even violent price swings with big overnight gaps have tortured traders trying to make some sense of the uncertainty. Today, markets are hopeful the FOMC minutes will provide some clues as to the thinking of the committee and their next possible rate decision. What we know now is there were three dissenting votes for the rate cut we received last month. The question is, what has changed? Perhaps, we will not get any clarity until Powell speaks in Jackson Hole Friday morning.

Asian markets were mixed and mostly flat overnight as they also wait for central bank guidance. European seem much more confident this morning solid bullish price action and green across the board. US Futures are also pointing to a bullish open in response to strong earnings results from LOW and TGT this morning. Be careful not to chase the opening gap keeping in mind we could easily slip back into consolidation as we wait for the 2:00 PM minutes release.

On the Calendar

On the Wednesday Earnings Calendar, we have just short of 40 companies reporting. Notable reports include LOW, TGT, JWM, SMAR, SNPS & ADI.

Action Plan

After two days of very choppy price action, the market today is hopeful it can find some clarity as to the thinking fo the FOMC with the release of last months minutes at 2:00 PM Eastern today. Positive early morning earnings result from LOW, and TGT has the early morning futures pushing higher to once again challenge price resistance in the index charts. President Trump is discussing payroll tax reductions and is pushing with all his might attempting to pressure the FOMC into a 100 basis point rate cut this month to avoid recession fears.

We will also have to keep an eye on the Existing Home Sales number at 10:00 AM Eastern this morning. The consensus expects housing sales to increase, but this is a potential market-moving report, particularly if the actual results miss estimates. After the morning rush gap, I would not be at all surprised to see the market slip back into consolidation as we wait for the 2:00 PM minutes release. After the release expect an explosion of volatility so be prepared for about anything to occur.

Trade Wisely,

Doug

Candlestick Trading Signals Builds a Path

August 21, 2019 by Rick Saddler

✅ SMS text alerts and reminders?👈

Picture a candlestick: the solid body of the candle, the thin wick above, the shadow below, and (of course) the lovely and fragrant ambiance it creates. From this image, swing traders have created a technique known as Japanese candlesticks.

As you might have guessed, this charting method originated in Japan. The body (also called “the real body”) of the metaphorical candle represents the open and close range, and the body is either filled black (for a close under the open) or left hollow and white (for a close over the open). The thin lines protruding from the top and bottom of the body are known as shadows (or sometimes, “wicks” and “tails”). The top shadow represents the session high, and the bottom shadow represents the session low. To continue reading more on Candlestick Signals please click here

After Monday’s Doji at the 34-EMA and near the 50-SMA yesterday the sellers felt they could push the SPY down, and they did, this morning the futures are up, and the buyers are trying to regain the 34-EMA and 50-SMA ( the battle is on) looking at the SPY between the 50-SMA, and the 200-SMA is a slugfest between traders and the buyers and sellers. A breakout in the next few days above the 50-SMA would give us a bullish “W” pattern. A close below the Dotted deuce would be a failed attempt of breaking out of the 50-SMA, and the August lows may get tested. To continue reading more on Candlestick Signals please click here

The I path Series B S&P 500 VXX Short Term Futures ETN. Closed with a little Doji on the 34-EMA and what seems to be a little support. A close over $27.00 would spice up a VXX trade and cause the market to give way to a few sellers. Continued weakness on the VXX would suggest the Buyers are getting ready to challenge the 50-SMA.

😊 Have a great trading day – Rick

✅ Check out our newest YouTube videos👈

Trade-Ideas

✅ For your consideration: Here are a few charts I thought should go on the watch-List, remember to trade your trade. GTHX, SHOP, NVRO, TWTR, NWL, TTWO, TSN, TRHC, MCD, STMP, . Trade smart and wait for the QEP→ (QEP) Quality Entry Patterns). We are currently long, CVS, and WDC. These Trtrade ideas are not recomendations.

🎯 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

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