It’s all about the earnings and it would seem the entire world
is waiting on the edge of their seat to see the results. Asian markets closed mixed but mostly lower
as they wait and European index are also pensive this morning waiting on the
wave of earnings results out this morning.
The trends in the DIA, SPY and QQQ continue to hold but thus far have lacked
the inspiration to attack all-time highs.
If earnings are good enough that may be exactly what we do.
However if earnings disappoint than the small-caps currently
the weakest of the indexes could lead us lower and already showing
weakness. Expect significant volatility
over the next few weeks with the possibility of large morning gaps in either
direction as traders and investors digest the results. As always set aside your bias and focus on
the price action. What we want the market
to do is not relevant. How we exercise
our discipline to trade the market reaction is what matters. Which direction we go is all about the
earnings!
On the Calendar
We have a big day on the earnings calendar with nearly 150
companies reporting results today.
Notable reports include, CP, CNC, CIT, KO, EBAY, EW, FITB, FE, HOG, HAS,
PG, IRBT, JBLU, LMT, NUE, SHW, SIX, SNAP, STT SYK, AMTD, TXN, TRU TWTR &
VZ.
Action Plan
After a day of anemic price action markets around the world
continued to trade very cautiously overnight.
Asian markets closed mixed but mostly lower waiting for the US earnings and
reacting to rising oil prices. European markets
currently indicate the same caution with mixed but mostly lower results as they
wait for the earning deluge. As a result
the US early morning futures are modestly lower across the board but that likely
to significantly change as earnings roll out fast a furiously in the pre-market.
Existing home sales came in short of expectations yesterday
despite the lower interest rates. With
that in mind the New Home Sales report at 10 AM Eastern gains in significance and
could move the market today should it also miss expectations. Technically speaking the DIA, SPY and QQQ are
in good shape holding trends while still looking for inspiration to challenge
price resistance levels. IWM on the other
hand is a different story trading well below all-time highs and currently dealing
with a failed new high. Will earnings
prove strong enough to lift the market? Only
time will tell.
The price action battle is on between the buyers and sellers. Last week the sellers printed a Bearish Engulf on Thursday and follow-through on Friday. Yesterday (Monday) the Buyers printed a Bullish Engulf that covered Friday’s Doji follow-through. The buyers still control the trend, hands down! Using the recent Doji low $288.66 as the pivot low the buys have a chance to use yesterday’s Engulf as a key candle to help with there challenge of higher highs. “Of course the question is will they” As boring as this market has been it’s nice to see the profits/losses and the net gain posted in the trading room. “Thanks, Traders!” The VIX continues to show no fear, which points to a bullish market.
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✅ Hit and Run Candlesticks trade Ideas for consideration: ZAYO, SPWR, XOP, LULU, MAR, DNR, CRZO, GDDY, CAG
You know your the best when other educations use your work.
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
We saw CRZO popping on the scanner this morning when price was about $12.70. What a nice finish! I have it on the LTA scanner hot list looking for a PBO buy alert on a little consolidation. If you have the LTA scanner and need help setting up a hot list just let me know and I will walk you through it. Have a great evening.
Trade Alerts with LTA has proven to be the #1 alert system in trading. Serious about making money? LTA will provide alerts to you in real-time on your computer screen based on what you are looking for. Candlesticks signal, chart patterns, or a combination of both and in different time-frames. Do you have a special chart pattern? The team at LTA can create it for you.
You know your the best when other educations use your work.
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
A turbulent 3-day weekend of Easter terror attacks in Sri
Lanka and Mueller report political drama ahead of a big week of earnings report
has the futures pointing to a gap down open this morning. With several markets around the world closed
today and the likelihood that many traders and investors have extended their holiday;
there is the possibility of light and choppy price action after the morning
rush.
With about 800 companies scheduled to report earnings this
week plan for an extra dose of price volatility and don’t be surprised to large
morning gaps. The big question to be
answered is whether or not the earnings will inspire the market to new record
highs or if the analyst’s concerns of an economic slowdown come to fruition in
the company results? Though we may have
had a turbulent 3-day weekend of news the turbulence may just be beginning as
earnings season heats up. Stay focused
on price action and plan your risk carefully for the possibility of bumpy air ahead.
On the Calendar
On the Earnings Calendar we have nearly 80 companies reporting
earnings today but we will have more than 300 reports on Thursday. As the 2nd quarter earnings season
heats up make sure to check reporting dates for all current holdings and those
you’re considering for a buy.
Action Plan
Easter terror attacks in Sri Lanka, Mueller report political
drama, rising oil prices, Boeing facing claims of Dreamliner Mfg. issues, and a
parked Tesla apparently blowing up are just a few of the stories popping up
during the long weekend. There are
several markets closed around the world today as Easter holidays continue. Futures are slightly under pressure this morning
pointing to a gap down of more than 50 Dow points. After the morning rush there is a possibility
of light and choppy price action as may traders and investors have likely extended
their holiday vacation.
With earnings season heating up this week we should expect
increased price action volatility and the possibility of large daily gaps. Check those earnings dates on companies you
hold or are thinking about buying and plan your risk carefully. I think the big question to be answered is will
earnings finally break resistance highs propelling the markets to new records
or will earnings point to the economic slowdown many analysts suggest. Only time will tell so stay focused on price
action for clues and respect support and resistance levels as you plan you risk
moving forward.
Thursday last week the SPY printed a Bearish Engulf and Friday we did see minor follow-through with Friday’s close below the halfway point of the Bearish engulf and a lower low. Price has closed below our blue tightening wedge lines both Thursday and Friday. On the bright side, the SPY chart trend still has a bullish attitude with price closing Friday above the T-Line Bands. If the sellers can print a lowe close today below the green T-Band $286-285, could see a test. A bullish close over $290.35 would suggest the bulls are not finished with there challenge of the $293.95 high. This is a pretty heavy week of earnings, chose wisely when taking on a position or holding a position. With price action still in the bullish side of the T-Bands, we will remain cautiously bullish and continue to trade with clarity and rules.
Trade Alerts with LTA has proven to be the #1 alert system in trading. Serious about making money? LTA will provide alerts to you in real-time on your computer screen based on what you are looking for. Candlesticks signal, chart patterns, or a combination of both and in different time-frames. Do you have a special chart pattern? The team at LTA can create it for you.
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
On this last trading day of the week the market has a full
plate of data to chew through this morning.
Not only will this be the biggest day of the 2nd quarter earnings
season so far but we also have several potential market-moving reports on the economic
calendar before the open. Then, shortly
after the open, Attorney General Bar releases the Mueller Report that’s likely
to trigger a firestorm of political spin and media speculation.
As the market digests all the morning reports it will also need
to consider the risk of the 3-day weekend ahead. I will not be at all surprised if the volume
becomes very light and choppy as we head into the afternoon as traders head out
to take full advantage of this 3-day spring getaway. Our full plate will continue next week as
earnings season ramps up with more than 700 companies expected to report. Carefully pan your risk and have a great
weekend everyone!
On the Calendar
We have 75 companies reporting earnings on this last trading
day of the week due to the Good Friday Holiday.
Notable reports, ALLY, AXP, BBT, BX, CHKP, CFG, DHR, DOV, GPC, HON,
ISRG, KEY, MAN, PM, RF, RCI, SLB, SKX, SNA, STI, SYF, TSM, TRV, UN & UNP.
Action Plan
Futures appear a bit sluggish as we head into a big of data
before and a 3-day weekend. First we the
biggest day of earnings reports so far this season and a busy economic calendar
with Jobless Claims, Philly Fed Bus. Outlook and Retail Sale all coming out at
8:30 AM Eastern. If that were not enough,
Attorney General Bar will release the Mueller Report this morning that is likely
to trigger a firestorm of political spin.
Asian markets closed in the red across the board last night and European
are currently showing mixed results after a disappointing manufacturing report.
Although US Futures have rallied from overnight lows they
are still pointing to slightly bearish open as I write the morning note. Don’t be too surprised to price action become
light and choppy after the morning hubbub as traders and investors head out
early to take full advantage of the 3-day weekend. With the market continuing to struggle against
the all-time resistance levels consider the risk carefully you carry into the
long weekend. I wish you all a great day
of trading and a wonderful Good Friday holiday weekend!
The SPY closed yesterday with a Bearish Engulf and closed below our narrowing pattern (I talked about the narrowing pattern in yesterdays morning blog) When we see a candle signal or pattern has printed it is important to wait for confirmation before making a huge commitment. A close below $289.40 would suggest about $287.30 may be the next pit stop. Of course, if the Bulls find a spark to run with a close over yesterdays high would surely see a challenge of the $293.95 area. Remember tomorrow is Good Friday and the market is closed, we will be treating today as our Friday and pulling a few trades off the table. Having the right tools to do the job is important, we all know that! What would you think if you changed tires for a living and didn’t have a jack, having the right tools is important for success.
Posted 4/17/2019 You can see from the SPY chart (above) the trend channel is narrowing as price moves closer to the SPY all-time high. As price narrows, I will be watching for a decisive break one way or another (Bullish or Bearish). Usually, when price narrows and builds pressure, a move is in the works.
✅ Trade-Ideas for consideration: No trade ideas today. We will call trades from the scanner live today. Will will also post a good setups in the trading room and the App
Drive it for 30-days, your quality of charts will increase. I never leave home without it.You know your the best when other educations use your work.Rick’s Favorite Charting Software
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
I think cautiously optimistic best describes the current
market condition and investor sentiment even though yesterday’s pop and drop price
action may have been bit disappointing. The
bullish trends in the DIA, SPY and QQQ show the overall optimism of an all-time
market high resistance test. However,
the price action is showing considerable caution as we approach high resistance
levels as investors wonder what comes next?
Can earnings continue to support current price evaluations or not?
On this 4th day of 2nd quarter earnings
results thus far are somewhat mixed so investors are is hoping clues will emerge
today that support current trends. So
with the overall market cautiously optimistic we must stay with the trend but keep
a close eye on price action as we approach resistance highs. Clearly the bulls want new market highs but the
big question is earnings continue to support these lofty levels?
On the Calendar
On the Earnings Calendar we have more than 70 companies reporting
on this the 4th day of 2nd quarter earnings. Notable reports today include, PIR, ABT, AA,
BK, BHP, CCI, ETFC, KSU, LVS, MS, PEP & USB.
Action Plan
As I write this, US Futures are modestly bullish anticipating
a fresh round of earnings and last nights report showing China’s economic growth
was better than expected. After the bell
yesterday NFLX disappointed investors but even after projecting weak forward
guidance the price bounced back substantial for early low’s. IBM is also lower this morning in reaction to
earnings that disappointed. Asian
markets closed mixed but modestly higher overall and currently European markets
show modest gains but also showing slightly mixed results.
While yesterday’s pop and drop pattern was disappointing there
was no technical damage to the index charts that continue to remain bullish. With a large group of notable earnings this
morning anything is possible by the time the market opens today. Although holding trends in the DIA, SPY and
QQQ and investors appear very cautious as we approach all-time high resistance
levels. If we do ultimately gap higher
at the open, we must once again exercise discipline waiting to see if buyers step
in to support the gap. I’m confident the
markets will reach out to test all-time highs but the big question is can they
hold them once there?
Another higher low for the SPY, the high had trouble, but the low was higher. Yesterday (Tuesday) was the 12th day above the T-Line Band. The SPY chart does look like it’s determined to challenge the $293.934 September high. Seriously the wall of worry is starting to get to traders, let’s keep it simple: Stay with the charts that are trending and the trend makes sense. Use trend lines and price action (Candlesticks) to determine if the trade is still in your favor. Become a base hitter by pulling off profits as price moves in your direction.
You can see from the SPY chart (above) the trend channel is narrowing as price moves closer to the SPY all-time high. As price narrows, I will be watching for a decisive break one way or another (Bullish or Bearish). Usually, when price narrows and builds pressure, a move is in the works.
✅ Trade-Ideas for consideration: NBR, WDC, RIOT, STX, UCO, HPQ, TIF, CAT, <AR, XOP, UTX. Let the LTA Scanner do you work for you Tryit for 30-days
Drive it for 30-days, your quality of charts will increase. I never leave home without it.You know your the best when other educations use your work.Rick’s Favorite Charting Software
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
A fresh round of earnings reports that include some big tech
has inspired the futures markets sharply higher this morning and has the QQQ
reaching out of an all-time high test. If
this bullishness holds throughout the morning the Dow futures suggest a gap up
of more than 100 points after barely having the energy to move yesterday. Asian market closed bullish overnight and
European markets are mixed but mostly higher.
Bullish trends are intact for the DIA, SPY and QQQ but the IWM is questionable as it struggles with a lower resistance level. Remember to respect the resistance above a be careful to not chase into the morning gap. Wait for proof that buyers will support the gap as the indexes reach out toward all-time high resistance levels. Personally it would be very disappointing after such an impressive 3-month rally if we don’t at least test the all-time highs. The bulls want that headline but let’s not forget there could be bears up there ready to defend so plan your risk accordingly. It’s great to be reaching out but the next step is the ability to hold on to the new elevation and that is still in question.
On the Calendar
We have over 60 companies reporting today with the first big
tech earnings beginning. Some of the
more notable reports today are, BAC, BLK, CMA, CSX, JNJ, UNC, UNH, WIT, NFLX
& IBM.
Action Plan
After a disappointing price action day where both bull and
bears lacked inspiration futures are bullish ahead of a fresh crop of earnings that
include some big tech reports. During
the night Asian stocks advanced closing higher across the board. European markets are currently mixed but mostly
higher as cautious traders wait for US earnings data. So far this morning JNJ has reported an
earnings beat and is indicated higher and although BAC reported better than
expected the stock is currently indicating a flat to lower open. After the bell today we will hear from IBM
and NFLX.
Technically speaking the bullish trends continue in the DIA,
SPY and QQQ. We are so close to testing
the all-time highs in the QQQ and the SPY it would be a surprise to me if the
bulls don’t find a way to reach out very shortly. Who knows today might be the day! Currently the Dow futures suggest a gap up
open of more than 100 points and if the current bullishness continues through
the open the QQQ will be very close to breaking out. As bullish as it now appears make sure you
respect resistance an avoid chasing the open gap. Let’s make sure buyers are willing to step up
in support.
