More companies are set to report today, be sure to check your holdings to be sure your comfortable holding a position through earnings. No real decisive move on the SPY other than the buyers did not give up control. Yesterday was another bullish day above the Green T-Line Band, and I don’t see anything in the pre-market that will change the bullish attitude of price action today. The wall of worry continues to worry some; simply follow the chart. A friend asked me yesterday, “is the market going to crash again?” my answer is the same I say to our readers. “Yes I am sure it will someday, but you can’t predict when or live in fear.” Being a short term swing trader and having a trading plan that includes base hits is a solid plan for most traders. A base hit can be anything from $50.00 to $5000.00 or more. It depends on your portfolio size and the amount of stock you hold. As an example, I currently have five contracts of TGT with a $325.00 profit, would that be a base hit or a home run? Different answer for different traders.
✅ Trade-Ideas for consideration: TGT, COST, < BBY, MELI, ZAYO, PCG, SYMC, DLTR. Let the LTA Scanner do you work for you Tryit for 30-days
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
It’s tax day 2019 but that fact has not dulled the bullish
market sentiment with the QQQ and SPY within striking distance of all-time
highs. Asian markets closed mixed and subdued
overnight but European markets are modestly upbeat this morning. As I write this US futures are pointing to a
modestly bullish open while waiting for the fireworks of big bank earnings
reports.
Although within striking distance of all-time highs remember
that means there is price resistance above that must be dealt with and defeated. The DIA still has more than a 400 point hill
to climb to test the all-time highs and that could be challenging to do with challenges
that BA continues to face. Let’s also
not forget the small caps that are lagging way behind at the moment. The bulls are without a doubt currently
control but they do face challenges to consider as you plan your risk for the
week ahead.
On the Calendar
We have more than 60 companies reporting earnings today. Notable reports include C, GS & SCHW.
Action Plan
After Friday’s strong market performance on the back of big
bank earnings the QQQ and SPY are within striking distance of all-time highs. With another round of big bank earnings
reports this morning can the bullishness continue. At this hour futures are pointing to a modest
open but that will likely change for better or worse as soon as earnings begin
to roll out. Asian markets closed mixed
but mostly lower overnight but European markets are currently modestly higher
citing optimism over US-China trade talks.
This weekend the President once again public chastised the
FOMC stating the market would be a lot higher if the Fed would stop worrying about
nonexistent inflation. I suspect that
kind of pressure will do little to dissuade Mr. Powell and the other voting committee
members. Remember earnings season and
very volatile with large gap up or gap down market opens. Don’t get caught up in the hype and drama and
make the mistake of chasing the gap. Allow
the market to open, watch the price action, making sure buyers or sellers
support the gap before making entry decisions.
Is the SPY determined to hit $293.94 or what? The buyers seem to be on a mission as you can clearly see in the SPY chart to challenge the SPY all-time high and the sellers seem ok with this as well. Friday ended the day with the 10th day in a row above the T-Line and the T-Line High Line. Friday’s candle does open the door for a possible Hangman but let’s not predict, let’s wait for the candle to form and confirm. The trend is still bullish, and price action still suggests the bulls are in control. The T-Line Bands (on the chart they are the GREEN, BLUE and RED lines) have proved to be a fantastic tool for trend, great trading patterns, and profits. The LTA Live Trading Alert Scanner has this scan built into it, and I love it! If you would like to test drive the LTA Scanner for a month and have me (Rick Saddler) personally work with you to set it up click this link and let’s plan a date. Test LTA Drive Here
✅ Trade-Ideas for consideration: CMCSA, V, CSCO, ZAYO, MDLZ, TGT, ORCL, INFN, ECA, SM, NSC, OLED. Let the LTA Scanner do you work for you Tryit for 30-days
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
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
With a positive US/China Wall Street Journal report, the CVX buyout of APC, Uber IPO filing, Disney’s new streaming service and the kick of 2nd quarter earnings US futures are finally shaking off the doldrums that plagued price action all week. Of course a lot could still change but as I write this the US Futures are pointing a gap up open of more than 150 points.
As the big bank earnings roll in and investors listen in on
conference calls expect some price volatility to occur throughout the morning
as we head toward the open. It would be wise
to remember that all the indexes still have price resistance above and the risk
of chasing this morning gap into resistance need careful consideration. After such a long week of choppy price action
it’s easy to get caught up in the excitement and feel the fear of missing out. Remember this is just the first day of 2nd
quarter earnings there will be more than enough opportunity to come so there is
no need to rush.
On the Calendar
We have a light day on the Earnings Calendar but with only
14 companies reporting but we have a few heavyweight reports kicking of 2nd
quarter earnings season. Notable reports
JPM, INFY, PNC, WFC.
Action Plan
US Futures are very happy this morning even before the big
bank earnings have begun. First the Wall
Street Journal reported positive comments on the progress of the US/China trade
deal raising hopes of completion. Then Chevron
announced it was buying APC in a 33 billion dollar deal. In other news the market seems to like is the
streaming service set to launch in November by Disney and the Uber IPO filing
release. Asian markets closed mixed
overnight and European markets are only modestly higher as investors deal with
another round of growth concerns.
As I write this the JPM just reported a top line beat on
earnings and the futures are pointing to more than a 150 point gap up at the
open. Remember a huge gap like this
opens the door for a possible pop and drop pattern so don’t get caught up in
the morning excitement chasing the open. Let’s wait and see if buyers support the gap
and keep in mind sentiment can change during a companies conference call. Today is profit Friday so those holding long
positions may want to consider the morning gap as a gift and ring the register. As this is just day one of 2nd quarter
earnings consider the carefully the risk you carry into the weekend. With that in mind I wish you all great profits
today and a wonderful weekend!
Another week has gone by and the bulls remain the winner. The SPY price is has been skipping along the T-Line for the past 10 bars and above the Green T-Band for the past 9 bars. The wall of worry is in place. We monitor the SPY chart for signs of damage and every time you think you see it, the bulls hop in to fix it. Currently, we are about 2% from the SPY all-time high, come on bulls get it done! There is no loss of bullish charts, the scanner continues to produce. What a winning combination to have a greak stock scanner and the education to trade for profits, you gota love your job!
Today at 11:00 AM Eastern I will be in room #3 showing how I set up my favorite scans. I hope you can join us. Link to Room #3
✅ Trade-Ideas for consideration: ATVI, V, SC, NVTA, VLO, CY. Let the LTA Scanner do you work for you Tryit for 30-days
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
Not event he FOMC minutes was able to shake the market out of its pre 2nd quarter doldrums. There are a lot of great looking bullish chart setups but with the overall market chopping sideways they’re finding it very difficult to attract enough buyers to get them moving. Unfortunately today is likely to be very much the same as we wait for some of the big bank earnings Friday before the bell. The question is will they inspire the bulls, embolden the bears or will the doldrums continue? Anything is possible.
Technically the indexes are bullish with the SPY and QQQ in
the lead while the DIA and IWM lag behind.
I’m comfortable holding current positions but I’m finding it difficult
to add new risk in such choppy price action.
It’s very easy to overtrade a dull market and wake up the next morning
to find the market moving sharply against your positions. When the overall market is showing cautious price
action that may be a clue we should be doing the same. Be patient and avoid predicting and wait for the
price to show us the way.
On the Calendar
We have only 12 companies reporting earnings today with FAST
and RAD likely the most notable.
Action Plan
Not even the FOMC minutes could break the market out of the
choppy price action we’ve experienced this week. Oddly enough there are a lot very good
looking charts setting up good entry patterns if only the bulls could find the
inspiration. Asian markets closed mixed
but mostly lower overnight. European markets
are basically flat this morning after the decision to grant a 6-month extension
to try an obtain a Brexit deal by
October 1st. Here in the US
future are edging higher this morning but with light economic and earnings
calendars it will be difficult to find inspiration.
The SPY and the QQQ continue in bullish patterns, holding
above support levels and maintaining the trend.
At the close of yesterday the QQQ’s seem the most likely candidate to
attack the all-time index highs. With BA
moving lower to test a critical level of price support the DIA is still doing a
good job of holding support and IWM continues to lag as the weakest index. As we wait for the big bank earnings on
Friday morning, I’m expecting another day of choppy price action. Although there may be lots of great looking
charts be careful on to overtrade.
A chart I have up and on one of my monitors at all times is the FANG chart (Ticker FNGU) or FANG Index 3x Leveraged ETN FANGS stocks are (FB) (AMZN) (AAPL) (NFLX) and (GOOG). The FNGU chart has been instrumental in determining trend direction and pullbacks in the overall market. As you can see from the chart, it is approaching the 200-SMA. The 200-SMA is a moving average know for its support and resistance. More time than not I have experienced price action consolidation when price enters into the 200-SMA zone. While the market is still trending bullish, we will continue to trade bullish to the long side while monitoring how price action acts on the (FNGU) chart in the 200-SMA zone.
Live Trading Alerts Clinic: Today, Thursday, April 11, 2019, Ed Carter will be covering 26 new scans and answering any questions you might have. The LTA- Live Trading Alerts Scanner has proven it’s self has the leader in auto scanning for candlesticks signal, chart patterns, breakouts, and break downs. Click Here and Choose Room#4
✅ Trade-Ideas for consideration: ATVI, V, SC, NVTA, VLO, CY. Let the LTA Scanner do you work for you Tryit for 30-days
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
Although the Dow shed 190 points yesterday the SP-500 and
the NASDAQ stood resolute and well defended by the bulls. Even with the IMP once again cutting global
growth forecasts last night, the futures are pointing to a bullish open this
morning. Asia closed mixed but mostly
lower due to growth concerns but European markets appear largely unconcerned as
they wait for an ECB rate decision and Brexit summit.
Technically speaking the SPY and QQQ continue to look very strong
holding support levels and trend. Though
the DIA and IWM found some sellers yesterday the bears have not shown much conviction. After the morning rush doesn’t be surprised
to more light and choppy price action as we wait for the FOMC minutes this afternoon.
On the Calendar
We have a light day on the Earnings Calendar today with just
11 companies reporting. Notable reports include
DAL before the bell and BBBY reporting after the close.
Action Plan
During the evening the IMF once again cut global growth forecasts
getting a negative reaction lower by Asian markets closing mixed but mostly
negative. European markets however are
slightly higher ahead of ECB rate decision and a Brexit summit. US Futures currently seem unconcerned about
the IMF report this morning pointing to bullish open ahead of the CPI report
and release fo the FOMC minutes.
Although the SPY and QQQ closed lower yesterday there has
been on technical damage as they continue to hold supports and trend. Although the DIA slipped back below a level of
resistance yesterday the bears seemed to lack downside conviction. The IWM remains the weakest of the indexes
leaving behind a possible failure pattern at price resistance. I would not be at all surprised to more light
choppy price action today as the market waits for the FOMC minutes and the kick
off to 2nd quarter earnings on Friday.
Not much change in the market, the bulls continue to ride the T-Line train to bull town. Price gapped down yesterday and closed with a Doji on the T-Line. The bull-bear T-Line (Reg/Green T-Line) held with a green trend on the gap down so we will remain cautiously bullish as the buyers climb the wall of worry. Earnings kick off this week and could be the catalyst that pushes price action up to and over the $300.00 mark on the SPY. A little caution: The VIX chart pushed a little yesterday closing over the T-Line turning the trend green. The VIX is a huge clue in the fear or lack of fear in the market. Trade well, Trade smart my friends.
Today’s Action plan: Manage current positions, taking off a few profits when presented. Yesterday we took profits on FDX and will consider a reentry of the chart presents itself. The LTA Scanner is already turned on, and we’re both ready for a great day.
✅ Trade-Ideas for consideration: CMCSA, HES, OLED, EW, ORCL, AABA, ZAYO, MDLZ. Let the LTA Scanner do you work for you Tryit for 30-days
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
