Futures are mixed this morning as the US government launches
a probe of the FAA and their approval of the 737 Max aircraft. As a result BA shares are gaping down, giving
back Friday’s gains and setting the stage for a mixed open according to the
futures. With the FOMC this week and first-quarter earnings finally starting
to wind down don’t be surprised to light and choppy price action after the morning
rush as we wait for the announcement and forecast Wednesday afternoon.
*** The flooding in Nebraska
made last week very challenging. They
restored internet service to the area on Saturday and the flood waters have
begun to recede across Nebraska. I’ve completed
the clean up from the flooding in my house and reconstruction can now begin. My wife and I would like to thank everyone
for all the kind notes and well wishes we have received over the last
week. You are the best!
As bulls continue to test
upper resistance levels keep in mind that the bears continue to lurk about defending
their territory above. Remember to take
some profits near resistance and be careful not to over-trade or directionally overcommit
as the bulls are bears battle over this important level.
On the Calendar
We have over 140 companies fessing up to quarterly results
this morning. Notable reports include,
TLRY, TACO, LL, OSTK & STNE.
Action Plan
The bulls have been doing a great job pushing hard and
continuing to test key resistance levels in the index charts. However, the bears have stood their ground thus
far defending resistance with the exception of
the QQQ which closed just above resistance on Friday. Currently US Futures are mixed with the Dow
looking lower amidst an FAA probe and BA shares giving up Friday’s gains. Asia stocks closed higher overnight, and European
markets are mostly higher but mixed at the time of writing this blog post.
As markets continue to be
hope for a positive resolution Us Trade Negotiations the market faces another
FOMC meeting this week including the all-important forward forecasts. Don’t be surprised to light choppy price
action after the morning rush as the market waits for the Fed Announcement on
Wednesday afternoon. Although there are
still notable earnings this week today is last big day of the very strung out first-quarter
earnings season with more than 140 companies reporting. Stay long but respect overhead resistance
saying focused on price action for clues and stay disciplined to your rules.
$282.00 remains
the number for the bulls to beat. The slow grind and wall of worry are in full swing while traders look for a clue
for more bullishness or bearishness. The trend is still bullish with price above
the T-Line and the T-Line above our Red/Green Trendicator line. FOMC and China
this week are both market movers and could push the SPY one way or another. The
SPY closed Friday in Tier 1 and with price in the trending T-Bands we will stay
predominantly bullish with a finger on
the bearish button. Price closing below
the Red T-Band would suggest the March 8, low would likely tested.
Took 20% on WIX puts! Thank you LTA- Live Trading Alerts
Jerry G.
Testimonial
I have hit for over $300 this morning using your LTA scanner, I think I have found my niche!
Coach B.
✅Save time reviewing hundreds of charts. ✅Find EXACTLY the right set up by being alerted for only those tickers that qualify. ✅Stop “Chasing trades” by being alerted of the move (not finding out later.) ✅Eliminate “trouble pulling the trigger” (be sure when a ticker is moving.) ✅Stop “leaving money on the table” (manage your exits with lower-time alerts.) ✅Stop “Predicting” by trading alerts that show the turn, not forecast it. ✅Stop ignoring the overall market (by watching alerts on DIA, SPY, IWM, QQQ.) ✅Gain massive efficiency over flipping through charts (hoping to find them at just the right time) or waiting on someone to feed you trade ideas.
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
Based on the early morning futures today may be more of what we have seen the past two days, bulls trying to get through the SPY $280-$282 resistance line and the bears trying to knock us down, the 64K question is who will win? With Thursday’s close, the weekly chart is trying to print a Bullish Harami; today has yet to print. (Harami’s require confirmation). The overall outlook remains bullish based on a trend line from the January 3, low to the March 8, low. We have seen both long and short trades work this past week with base hits profits taken. The short term outlook remains choppy and boring at times, the perfect market for taking your money. Slow down, trade less; trading is a marathon, not a sprint race. We offer a great education in all three of our trading rooms, Swing trading, Swing trading options, and our day trading room. Affordable trials are available.
Took 20% on WIX puts! Thank you LTA- Live Trading Alerts
Jerry G.
Testimonial
I have hit for over $300 this morning using your LTA scanner, I think I have found my niche!
Coach B.
✅Save time reviewing hundreds of charts. ✅Find EXACTLY the right set up by being alerted for only those tickers that qualify. ✅Stop “Chasing trades” by being alerted of the move (not finding out later.) ✅Eliminate “trouble pulling the trigger” (be sure when a ticker is moving.) ✅Stop “leaving money on the table” (manage your exits with lower-time alerts.) ✅Stop “Predicting” by trading alerts that show the turn, not forecast it. ✅Stop ignoring the overall market (by watching alerts on DIA, SPY, IWM, QQQ.) ✅Gain massive efficiency over flipping through charts (hoping to find them at just the right time) or waiting on someone to feed you trade ideas.
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
Yesterday closed with a Bearish Shooting Star as price challenges the March 4th high. The past four days the SPY has posted four higher highs and four higher lows. The bears took action to defend their presence in the chart and forced the weak close creating a Bearish Shooting Star closing back below the Green T-Line Band, but still above the Red Band. The bands indicate the trend is still bullish and the price action is suggesting a rest, pull back may be in order. For bearish confirmation, the candlestick following the Shooting Star candlestick needs to be bearish or black. Price needs to be closing at lower levels below the shooting star candlestick to indicate selling activity. The VXXB chart closed with a Doji indication indecision, at least for the day. Today’s price action in the VIX- could be telling for the next few days in the overall market. Stay nimble, use stops and think about base hits.
Took 20% on WIX puts! Thank you LTA- Live Trading Alerts
Jerry G.
Testimonial
I have hit for over $300 this morning using your LTA scanner, I think I have found my niche!
Coach B.
✅Save time reviewing hundreds of charts. ✅Find EXACTLY the right set up by being alerted for only those tickers that qualify. ✅Stop “Chasing trades” by being alerted of the move (not finding out later.) ✅Eliminate “trouble pulling the trigger” (be sure when a ticker is moving.) ✅Stop “leaving money on the table” (manage your exits with lower-time alerts.) ✅Stop “Predicting” by trading alerts that show the turn, not forecast it. ✅Stop ignoring the overall market (by watching alerts on DIA, SPY, IWM, QQQ.) ✅Gain massive efficiency over flipping through charts (hoping to find them at just the right time) or waiting on someone to feed you trade ideas.
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
Back above the lower T-Line band on a Bullish Morning Star Signal. Follow-through is key to the success of a candlestick signal clue such as the Bullish Morning Star. I personally use the body high of the first candle in the signal and consider the SPY bullish over the blue line $276.85. A close back below the blue line would suggest the buyers are not ready and the sellers are fighting back. Bullishness is still needed over $281.90 before the buyers can challenge the 2018 highs. Both the Red/Green line and the Volatility stop turned green after being red and pushing price closer to resistance. Price action is king and follow-through is a must for the bullishness to continue. Tip – Follow-through does not have to happen the very next day. Cautious and nimble is a quality trait of a successful trader and as of late that quality has been tested daily.
Took 20% on WIX puts! Thank you LTA- Live Trading Alerts
Jerry G.
Testimonial
I have hit for over $300 this morning using your LTA scanner, I think I have found my niche!
Coach B.
✅Save time reviewing hundreds of charts. ✅Find EXACTLY the right set up by being alerted for only those tickers that qualify. ✅Stop “Chasing trades” by being alerted of the move (not finding out later.) ✅Eliminate “trouble pulling the trigger” (be sure when a ticker is moving.) ✅Stop “leaving money on the table” (manage your exits with lower-time alerts.) ✅Stop “Predicting” by trading alerts that show the turn, not forecast it. ✅Stop ignoring the overall market (by watching alerts on DIA, SPY, IWM, QQQ.) ✅Gain massive efficiency over flipping through charts (hoping to find them at just the right time) or waiting on someone to feed you trade ideas.
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
An AAPL upgrade fired up a strong tech rally offsetting the BA decline as the orchestrated an impressive short squeeze and putting the bulls back in control at least for the short-term. The big question is can they maintain this control as we once again push upward toward the significant price resistance levels in the index charts. Only time will tell but it would be wise to respect the price resistance being careful not to over-commit staying focused on the price action for clues of a bearish line of defense.
BA is once again pushing lower this morning after yet another
country has grounded the new 737 pulling the Dow Futures down in the process. After such an impressive rally yesterday it
would not be out of the question to see a little market rest or even a bit of a
profit-taking pullback. Stay focused on the price action and remember that bears will
not likely give up without a fight.
On the Calendar
On the Earnings Calendar we have 125 companies reporting
today. Notable reports, COHU, COUP, DKS,
MOMO, SWCH & ZAGG.
Action Plan
After a fantastic rally lead
by tech stocks after an AAPL upgrade. BA’s
substantial gap down recovered sharply after the FAA announced that the aircraft
was still airworthy. However, during the
evening another country has grounded the new 737 and the stock is once again
sliding south pulling the Dow futures into the red this morning. SP-500 and NASDAQ futures are currently modestly
higher.
As indexes recover from last
weeks slide, keep an eye on overhead resistance and be careful not to overtrade
or overcommit long near such significant price levels. At 8:30 AM Eastern we get the latest reading
on CPI where consensus is expecting to see an increase. Obviously, that could have greatly effect the
market open depending on the actual number so keep an eye on the futures as we approach
the open. Remember to trade the chart
for what it is not for what you want it to be.
Crazy futures this morning, keep your wits about you. Friday the SPY gapped down and recovered a bit but not above its current downtrend line. In the recent 5 bars of trading, the SPY has posted four lower lows, and five lower highs, Both Thursday and Friday price closed below all our T-Line Bands. The 4-Hour chart (shown top left) shows the possible 4-Hour Blue Ice Failure. The late February and early March top printed bearish clues that produce follow-through, to turn price back bullish we need to see bullish clues and price showing strength above the red downtrend line and the 4-Hour 50-SMA. Tuesday night Webinar, March 12, 2019, @ 8:00 pm Eastern Trading Room #4 we will be talking more about the Blue Ice Failure. There is no question that there will be good bullish trades. We have to remember that probabilities matter and we want the best probabilities on our side. 80-85% of stocks follow the SP-500.
The Times IS Now
Hit and Run Candlesticks News
Trade-Ideas for the next week or so: AU, BB, PCG, PM, WDAY, BBY, LGIH. Some of these are long and some are short.
Took 20% on WIX puts! Thank you LTA- Live Trading Alerts
Jerry G.
Testimonial
I have hit for over $300 this morning using your LTA scanner, I think I have found my niche!
Coach B.
✅Save time reviewing hundreds of charts. ✅Find EXACTLY the right set up by being alerted for only those tickers that qualify. ✅Stop “Chasing trades” by being alerted of the move (not finding out later.) ✅Eliminate “trouble pulling the trigger” (be sure when a ticker is moving.) ✅Stop “leaving money on the table” (manage your exits with lower-time alerts.) ✅Stop “Predicting” by trading alerts that show the turn, not forecast it. ✅Stop ignoring the overall market (by watching alerts on DIA, SPY, IWM, QQQ.) ✅Gain massive efficiency over flipping through charts (hoping to find them at just the right time) or waiting on someone to feed you trade ideas.
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
Futures are wildly mixed this morning the Dow Futures
pointing to a gap down of more than 150 points while the SP-500 and NASDAQ Futures
point to modest gains. The huge decline
in the Dow is due to the sharp decline in BA shares after a second 737 Max 8 plane crash. It is also important to note that we have a
potential market-moving Retail Sales number
at 8:30 AM Eastern after the very disappointing
results in the last reading.
As the SPY and QQQ move higher this morning remember to
respect the possible overhead price resistance above. If a lower high failure would to occur that
would be technically very damaging so stay focused on price action and avoid
chasing the morning gap. Let’s wait and
see if buyers step up after the open in support of the gap. The Whitehouse
has forwarded the new budget that includes a border wall funding and threats of
yet another government shutdown are already spinning the political rhetoric. Also keep in mind the US/China negotiations
could still be a huge market-moving event if or when we finally get news on the
subject.
On the Calendar
On the Earnings Calendar we have 100 companies reporting today.
Action Plan
We have a very interesting market
setup this morning that could make for a challenging day. Asian markets that began three trading day lower
managed to close modestly positive despite
global growth concerns. European are currently
slightly higher across the board ahead of a crucial Brexit vote while US Futures
are widely mixed. Currently the Dow Futures
point to a gap down of more than 150 mostly due BA shares falling sharply as
the result of another plane crash.
However, the SP-500 and the NASDAQ futures are pointing to gap up opens
that may retest resistance levels.
It will be interesting to see
how this plays out with such mixed results at the open. Keep an eye on overhead resistance levels in
both the SPY and QQQ and be very careful about chasing the open. The Retail Sales number at 8:30 AM Eastern
could be critical for the day. The last
reading on retail sales saw a decline -1.2% and consensus for today is for a
reading 0.0% which means the futures could quickly change before the open
depending upon actual number.
Happy Friday traders, hope you have fun plans this weekend after your short and put profits the last few days! The SPY is now below all the T-Line Bands which is a major warning sign. The 34-EMA, Dotted Deuce Line and the 50-SMA are below price and may help to soften the pull back a bit. The Evening Star and the Bearish Engulf clues are seeing follow through and will stay that way until the Bull Rises. A couple of short term targets I see for the sellers are $270.35 and $267.25 with one or two minor relief rallies along the way. Note the Weekly chart on the SPY is printing an Evening Star clue that could lead to the 50% retracement of $262.75. The bottom line is that the sellers have taken a bit and will continue to bit until the bull has had enough; the chart will tell the story. Have a great weekend fiends
Took 20% on WIX puts! Thank you LTA- Live Trading Alerts
Jerry G.
Testimonial
I have hit for over $300 this morning using your LTA scanner, I think I have found my niche!
Coach B.
✅Save time reviewing hundreds of charts. ✅Find EXACTLY the right set up by being alerted for only those tickers that qualify. ✅Stop “Chasing trades” by being alerted of the move (not finding out later.) ✅Eliminate “trouble pulling the trigger” (be sure when a ticker is moving.) ✅Stop “leaving money on the table” (manage your exits with lower-time alerts.) ✅Stop “Predicting” by trading alerts that show the turn, not forecast it. ✅Stop ignoring the overall market (by watching alerts on DIA, SPY, IWM, QQQ.) ✅Gain massive efficiency over flipping through charts (hoping to find them at just the right time) or waiting on someone to feed you trade ideas.
DISCLAIMER: Investing/ Trading involves significant financial risk and is not suitable for everyone. No communication from us should be considered as financial or trading advice. All information provided by it and Run Candlesticks Inc, its affiliates or representatives is intended for educational purposes only. You are advised to test any new approach before implementing it. Past performance does not guarantee future results. Terms of Service
With an ugly decline
yesterday I think most traders went into the close hoping the Friday Employment Situation number would get the bulls
back on the job. Unfortunately China’s very disappointing trade numbers last night
has the markets around the world reacting significantly
lower as the global slowdown theme continues to spread.
Futures are pointing to
a gap down of more than 100 points but that could greatly improve or get worse depending on the economic reports at
8:30 AM Eastern. This has obviously been a
rough week for the market and the failure
has key resistance levels does not help the technical
picture of the market. Consider carefully
the risk you carry into the weekend keeping in mind that we’ve still could
hear about a US/China trade deal.
On the Calendar
A little slower day on the Friday earnings calendar with just under 60 reports today. No particularly notable except maybe MTM
today.
Action Plan
Looking at the futures
this morning I wish I had held more of
the hedge positions through today. Futures were lower but pretty benign until China released trade numbers that were
sharply lower than expected. Asian
markets closed sharply lower and currently European are also declining across
the board.
Today is the big Employment situation
number. Estimates expect 180k jobs created
and that the unemployment rate will tick down to 3.9 %. That would be a very good number but sharply
lower than 304K reading last month. We
also have the Housing Starts number that disappointed on the last reading so keep
a close eye on the futures at 8:30 AM eastern as the open could improve or get
worse very quickly, Consider the risk
you hold into the weekend and remember we’ve yet to hear news on the US/China
trade deal. Have a great weekend everyone.
