Blog - Page 271 of 645 - Hit & Run Candlesticks

The FANG Chart

April 11, 2019 by Rick Saddler

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.

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Bulls Remain Resolute

April 10, 2019 by Doug Campbell

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 2^nd quarter earnings on Friday.

Trade Wisely,

Doug

Bulls Riding The T-Line Train

April 10, 2019 by Rick Saddler

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.

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Earnings Kick Off Week

April 9, 2019 by Rick Saddler

Earnings kick off this week, make sure you double check your dates before buying a stock! The SPY posted another bullish day yesterday. Have you ever noticed how price runs on top of the T-Line and even push higher, then come back to the T-Line and even float below the T-Line for a few days? Yesterday marked the 6^th-day price has run above the T-Line. I use the VIX is flexing its muscles this morning, keep a close eye the VIX is a valuable tool when it comes to how deep you’re invested. Above $13.85 on the VIX we will likely lean into a few shorts or puts. The T-2122 chart is on our radar up above 80.

Today’s Action plan: Yesterday we closed our XOP for a nice profit. Today we will be managing our current trades and possibly taking a sweet 25% base hit on FDX. The LTA Scanner is already turned on, and we’re both ready for a great day.

✅ Trade-Ideas for consideration: ATVI, MOMO, PG, MA, CNCSA, PEP, TGT, CSCO

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Looking for Inspiration

April 9, 2019 by Doug Campbell

Although the SPY eked out a 22 cent gain for an 8-day winning streak it’s overall looking for inspiration. The DIA lost 94 cents, the QQQ gained 47 cents and the IWM slipped 26 cents in a day of pensive price action. Perhaps it’s waiting for the FOMC minutes that will be out Wednesday afternoon but with the fed not planning to raise rates this year it may be difficult to find inspiration there. We may have to sit through light and choppy price action until Friday when the big back kick off the new earnings season.

Futures are pointing to flat open after rallying off the overnight lows. Asian markets closed mixed but modestly higher overnight on the back of rising oil prices. European markets are flat this morning after the president threatened new tariffs due to Airbus subsidies that may be ruled illegal. It’s very easy to become bored and over-trade a dull market. The market has provided some great profits over the last three months don’t give them back as the market wanders looking for inspiration.

On the Calendar

On the Earnings Calendar we have just over 20 companies reporting earnings today. Notable reports include PSMT,SJR & WDFC.

Action Plan

Although the DIA closed down yesterday the SPY managed an 8^th straight day of gains with a bullish push in the last 10 minutes of the day closing up 22 cents. The QQQ managed a 47 cent gain while the IWM slipped 26 cents. That’s the price action of a pensive market waiting for some kind of inspiration. Today looks to be another dull day with the US Futures currently flat having rallied off of the overnight lows.

With today’s light economic and earnings calendar we may have to wait until the release of the FOMC minutes on Wednesday afternoon to find a catalyst. However with the FOMC planning no rate increase this year even that news could be uninspiring. With the new concerns raised on earnings growth we may have to wait until Friday’s big bank earnings to find that spark. When the market is dull it very easy for traders to become bored and over-trade a dull market. Trading just to have something to do is bad business. We’ve made great profits in the last few months so let’s not give them back over-trading a dull market.

Trade Wisely,

Doug

Challenging 2nd Quarter?

April 8, 2019 by Doug Campbell

A report suggesting we could have a challenging 2^nd quarter earnings season dampened the bullish sentiment this morning. Asian markets closed mixed but mostly lower and European markets are seeing flat and mixed markets this morning. Currently the Dow futures are pointing to a gap down of about 75 points while the SP-500 and the NASDAQ futures are flat to modestly lower.

With a challenging 2^nd quarter in mind and a relatively light economic calendar this week we could unfortunately experience some light and choppy price action this week as we wait. On Friday the 12^th we get reports from JPM, PNC & WFC followed by C and GS Monday the 15^th. We will have a little excitement this week with the CPI report and the FOMC minutes on Wednesday.

On The Calendar

Interestingly enough we have around 50 companies showing up on the Earnings Calendar today but there is only handful that are confirmed reports so far this morning. Looking through the list there is none that are particularly notable.

Action Plan

During the evening futures were looking bullish on continued hopes of a trade deal but this morning they have taken on bearish attitude. Asian market closed mixed but mostly lower and European markets are mixed and currently flat. It seems as if the market is now suddenly worried that 2^nd quarter earnings will not support current prices.

Analysts have lowered earnings targets significantly. According to a report the expectation was for about a 3% growth in earnings but now their thinking it could be down 4%. If the analysts lower the targets enough and the company tops the estimates the market could still go higher in this silly game. However, if a large group of companies misses the lowered targets then this could be a very challenging upcoming earning season. Friday the 12^th we will hear from JPM, PNC and WFC followed closely by C and GS Monday the 15^th to set the stage.

Trade Wisely,

Doug

Another Bullish Week

April 8, 2019 by Rick Saddler

On the SPY. Monday of last week the bulls popped price over the T-Band high and price continued to post higher lows the rest of the week. As with T-Line rules; when price moves too far and to fast from the T-Line the probabilities increase for a pullback. The overall trend in the SPY remains bullish. The T2122 chart is in the overbought area, but we all know T-2122 and stay overbought while price continues to perform. IYT needs a rest based on its recent performance which means we could see a little softness in the market. SMA still holding strong with no sellers in sight as of Friday. The VIX appears to be constructing a bottom so we will be watching the VIX closely for signs that the construction is ending and the bulls taking over.

Our action plan today and this week will be to keep a close eye on our green longs and pull profits when appropriate. FDX, GIS, VLO, XOP, QCOM. Friday last week in the afternoon the LTA Alert Scanner did a great job of pointing out tradable chart setups, and I have no reason to think anything different this week.

✅ Trade-Ideas for consideration, All Trade Ideas came from the LTA Live Trading Alert Scanner. BLL, PEP, ZAYO, PG, GIS, MSFT, BBY

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Bulls break Resistance

April 5, 2019 by Doug Campbell

US Futures are pointing to positive open ahead of the Employment Situation number at 8:30 AM Eastern and learning a trade deal with China could happen in the next four weeks. Yesterday the bulls appeared to have little concern about the deal with the DIA confidently breaking through price resistance catching up with the SPY and QQQs already above key levels. Even the IWM joined in with bullish day although still below previous highs.

The bulls now have a clear path to test all-time market highs and perhaps set new records assuming support levels hold. Profits have been pretty easy to come by this week but don’t let greed prevent you from taking at least some of those to the bank before the weekend. Through bulls may have their eyes on new market highs we never know what the future holds. Profits today can be gone on Monday so plan your risk carefully into the weekend.

On the Calendar

We only have eight companies reporting earnings today with none that are particularly notable.

Action Plan

I must admit that yesterday turned much better than I expected as we waited to hear news about a trade deal with China. The bulls appeared to have total confidence of a positive outcome providing another nice day of gains rather than the consolidation I was expecting. More than that it appears the bulls have more upside energy this morning with futures pointing to bullish open ahead of the Employment Situation report. The consensus is expecting a nice rebound in the employment number to 170K after last months disappointing reading of just 20K.

Yesterday’s price action was also a big day the market on a technical basis with the DIA breaking through resistance with the SPY and QQQ proving to hold strong above new supports. Even the IWM got with program putting in a bullish day though still a lower high at this point. It’s been a great week of gains and as we head into the weekend its wise to remember your trading plan and goals, taking profits as necessary. I wish you all a great weekend.

Trade wisely,

Doug

Narrow Range

April 5, 2019 by Rick Saddler

The Bulls and Bears could not agree on much yesterday except to hold price a narrow range, In fact, an inside day. An inside day is when one day’s range (lows and highs) are inside the previous days (lows and h1ighs). The one-hour SPY chart shows hoe price pulled back into the T-Bands, tested the red line and close above the blue line. All that went on while the price was simply in a narrow inside day range on the daily chart. Yesterday’s close still had a bullish tilt with four bars above the green line and no bearish signal. The wall of worry is still climbing higher. My Friday gameplan is to take a few base hits and then make sure the grille has gas, and the fridge has a few cold beers in it. It’s time for the first grass mowing this year. We love our job, have a great weekend everyone!

Friday’s base hit plan. With the help of the LTA Scanner Alerts, this week I was able to enter: NVDA up 34% and TGT up 32%. I plan on a running a few bases today with about $1000.00. Seriouslly do you want to take the next step in improve your trading? 👇

HRC Road To Wealth Mentoring

Mentoring with Rick Saddler: The Road to Trading Wealth can take several different paths; it’s important to find what works for you. The Trend, Price Action, Candlesticks, Chart patterns, Support and Resistance, and Strategies is the map we use to stay on the Road To Trading Wealth. Patterns and Strategies such as The Rounded Bottom breakout, The Continuation Pattern, Trending, T-Line Bands, and the Red Green Strategies are a few of our favorites. Patterns like J-Hooks, Pop Out of The Box, The Oreo, The Fig Newton, Candlesticks are some of our favorite patterns. Read More

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Be Prepared China Meeting

April 4, 2019 by Rick Saddler

Be Prepared the china deal getting close. Maybe the meeting today between Trump and Chinas Vice Premier today will be a market mover, be ready. Six lower highs for the SPY, price action above the trend line, V-Stop is green, Price action is above a three T-Bands, almost seem to goo to be true. Price action did tag the $287 number that I spoke of a few days ago. The next number will be $291 if the bulls can hold together. Yesterday’s candle is not what we wanted to see and a weak close could bring the bears back out. Pay attention to price action.

Yesterday we hit the ball and ran a few bases. One was HD, and one was MU. HD was an easy standup run for 57% while on MU we had to slide in for a 43% run. Not a bad game, let get the gang together and play again today. Want to be a member of HRC and free f LTA training with Rick? Heres your chance.👇

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✅ Trade-Ideas for consideration, All Trade Ideas came from the LTA Live Trading Alert Scanner. BIDU, CRON, WY, NXST, NKE, MOMO, ZAYO, MDLZ, SQ. Do your work, work your plan. Always have a plan. The LTA Scanner is available for members at a discounted price of $97/per mo. Also available for non-members at $147/per mo. The Most Important Tool You Can Have

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