The bulls were in full force and driving upward until news
came out raising questions about the US/China trade negotiations bringing out the bears to reverse the days
progress. After the close, FDX reported disappointing earnings raising more
questions about global growth concerns.
Asian markets were tepid and cautious overnight closing mixed but mostly
lower. European
markets are currently trading lower across the board this morning as well.
US Futures are pointing to a flat open and would not be a surprise
to see light and choppy price action
until the FOMC reveals it’s a decision on interest rates and delivers their
forecast at 2:00 PM Eastern. Directly
after expecting some wild price volatility
that could extend through the chairman’s
press conference scheduled at 2:30 PM. Setting that aside, the candle patterns left
behind on yesterday index charts increases
the caution level with their placement at or near price resistance.
On the Calendar
We have 52 companies on the Earnings Calendar stepping up to report
today. Among the notable reports: GIS,
GES, MU and WSM.
Action Plan
Early bullishness yesterday faded away in the afternoon session after a news report suggesting the trade
negotiations with China had run into new
challenges. Candle patterns left behind
at or near resistance levels suggest a little caution might be in order as the market
tries to digest the full measure of the issue.
The disappointing market price action dealt
with another disappointment as FDX missed earnings and tumbling nearly 7%.
Today is all about the FOMC
and although the committee is not likely to raise rates, their forward forecast
and decisions on balance sheet unwinding will have the market’s attention. The festivities begin at 2:00 PM Eastern with
the Chairman’s press conference at 2:30.
It would not be a surprise to see light choppy price action as we wait
for the Fed announcement followed by a period of volatility and wild price swings
directly after. Currently futures are pointing
to falt open with European markets currently in red across the board and Asian
markets having closed flat to mostly lower overnight.
Looking at yesterdays SPY chart, I have drawn a box around the POP Out of The Box Pattern, with a bullish pop and hold today we will have a confirmed POOTB pattern. The bulls might finally be on their way to challenge the September / October highs with the first challenge of $286.80ish. The SPY had a nice pullback 7/8 days ago and printed a bullish Morning Star candle pattern with bullish follow-through. Using the Red/Green Line crossover you can see a perfect Price Action Crossover on March 19. Today’s Trade-Ideas for consideration based on the RBB setup and Price Action crossover.
Cross Over Webinar Tonight 3/19/19
Join me at tonight’s member webinar 3/19/19 @ 8:00 pm Eastern; I will be teaching this strategy. Members FREE admission, Save on Monthly Membership with SAVE50 promo Code: only $110.00
✅ Trade-Ideas for considerations: CHK, ESV, RIG, ECA, CPRI, XOP, VLO, APA, ALGN, NVDA, NTAP. Past performance does not guarantee future results. (Transparency HRC is currently long XOP)
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
The feisty bulls staged
a late-day rally yesterday and according to
the futures markets want to keep their
party going this morning despite the FOMC meeting that begins today. Asian markets were tepid and cautious closing
mixed but mostly lower overnight. However
European markets as well as the US Futures
are throwing caution to the wind with the Dow pointing to a triple point gap up.
A breach of key resistance levels in the SP-500 and the NASDAQ
will occur this morning if the bullishness holds until the open. Remember not to chase the morning gap let’s
wait until we see buyer supporting the gap to avoid the dreaded pop and drop at
price resistance. Having said that if those
feisty bulls want to party ahead of the FOMC lets ride along and continue to
profit as they push our positions higher.
Gaps are gifts so consider taking some of those gits to the bank.
On the Calendar
We have 50 companies reporting earnings today. Among the most notable are MIK, CHA, DSW,
FDX, FNV and SCS.
Action Plan
Today begins the FOMC meeting where its largely expected that
the committee will make no change in the current interest rate. It’s normal for price action to become light and choppy as the market waits for the Fed decision but a late afternoon
surge of bullishness defied the norm. Though
Asian markets closed mixed but mostly lower, European markets are currently green across the board as are the US Futures.
If the bullishness in the futures holds through open the NASDAQ and the SP-500 will open above key
resistance levels. As always, don’t
chase a morning gap into price resistance because
of the of possible pop and drop it
can set up. There is no rush so let’s wait and see if buyers step
in after the open supporting the gap. Honestly,
I don’t understand where all this bullishness sentiment is coming from but that
doesn’t matter. My job, our job as
traders is the trade the chart and if the
bulls want to go up then the understanding why is not important. We of course always have to remain vigilant watching
for price action clues of profit taking or reversal prepared for that
possibility. Until then it the bulls want
to party let’s continue to profit from
the festivities.
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
