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SPY Below Yeterdays Low

January 9, 2019 by Rick Saddler

Follow-through below yesterdays low could lead price back to test the $254.55 / $252.85 area. The past four days the buyers have been able to string together four new highs and four new lows, however, the $258.00 area is proving to be more of a task then the buyers anticipated with the narrowing of the range. Follow-through below yesterdays low could lead price back to test the $254.55 / $252.85 area. The $258.00 resistance line is what we have talked about the last few days is also where the 60-min. 200-SMA has camped out.

VIX–X Chart – The VIX chart tested our $ 19.70 line with an Inverted Hammer with nine new lows out of ten candles. An oversold bounce seems to be logical within the next day or two. Side note: The T2122 4wk New High/Low Ratio chart is pegged in the overbought area.

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US / China talks inspire bullishness.

January 8, 2019 by Doug Campbell

The US Futures are suggesting the 3^rd straight day of bullishness this morning wish is something the Dow has not seen since the 30^th of November. Trade negotiations with China continue today, and according to reports progress is being made, and hopes for an agreement are rising. As we enter day 18 of the government shut down the President will bring his case the people this evening from the oval office. A move, that is sure to create a firestorm of Washington spin and could affect market volatility throughout the day and overnight.

The morning gap raises the possibility of a pop and drop pattern so traders should be careful not to chase into the open until we see if there is follow-through buying that supports the gap. With all the political news swirling traders should stay focused on price action and prepared for whipsaw and quick price action.

On the Calendar

On the Earnings Calendar, we have 15 companies reporting with HELE and LNN as the most notable both of which report before the open today.

Action Plan

With two days of bullish price action behind us, the 3^rd day in a row with a bullish close a condition not seen since November 30th. Although we are in the 18^th day of the Federal Government shutdown, the US Futures are pointing to bullish open this morning with a gap up of more than 150 points. The bullish sentiment appears based upon the positive reports that the US and China trade negations are making progress that may soon result in a deal.

The President will be speaking from the Oval Office this evening taking the border wall debate directly to the people. Expect the political spin to reach new heights and keep in mind the market could be very sensitive to the reports. With a large gap up this morning, we will need to be on the lookout for a possible pop and drop unless buyers prove the ability to support the gap. Please keep in mind that that T2122 is in the bullish reversal zone. That does not mean a selling is imminent, but it does suggest a short-term overbought condition that we must respect when considering new long positions. Today could prove to be a bumpy ride so stay flexible and focused on price action.

Trade Wisely,

Doug

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SPY Moved Closer

January 8, 2019 by Rick Saddler

The SPY moved closer to the $258.00 resistance area yesterday on bullish follow-through from the Bullish J-Hook continuation pattern drawn yesterday. We have moved our Bull/Bear line from $248.450 to $250.10. A close above $250.10 we will consider bullish. A close above $258.00 could draw in buyers to challenge $263.75. Keep in mind above $258.00 puts price action in a dangerous area.

VIX–X Chart – Extended it’s downtrend yesterday closing below its 50-SMA, we have seen support approaching, and a bounce could be near. The government shut down, and China will play a big part in how the VIX acts.

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Trading Rules – Planning For Success

January 7, 2019 by Doug Campbell

In this E-Learning session we cover the basic rules that I use to trade stock and several options strategies.

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SPY forming a Bullish J-Hook

January 7, 2019 by Rick Saddler

The SPY is forming a Bullish J-Hook pattern off what could be a reversal bottom. With bullish follow-through from the close on Friday. Price action will start to feel resistance in the $258.00 area or the 34-EMA. Any close above $248.40 we will consider Bullish, and a challenge of $258.00 – $259.00 is probable.
VIX–X Chart – Closed last week with a Shooting Star candle signal giving the bullish in the broader market a chance to recoup bullish profits. With selling follow through the 50-SMA could be in for a test.

VIX–X Chart – Closed last week with a Shooting Star candle signal giving the bullish in the broader market a chance to recoup bullish profits. With selling follow through the 50-SMA could be in for a test.

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The Road to Wealth • Inner Circle – January of 2018, Rick decided to open a small $5,000.00 trading account to show small and large account traders can make a difference in the financial future.
For 2019 Rick plans on taking the now $23,567.00 account to $50,000.00 before December 31, 2019. Remember he already has increased the account $5,000.00 to $23,567.00 or 362% in 2018.

From HRC Trading Desk

Dear trader, trading on stock pics alone, even with entries, targets and stops will likely not work out so good for you. You must have the proper discipline and trading education. Stocks we add to our trade watch-list does not mean they are a trade today.

You might not be ready to trade if:

All you want is a stock pic
You think every trade should work out
If you have to ask; is this a long or a short
If you think you have to stare at a computer all day

The following tickers are setting up on our trade list: NFLX, JD, LVS, PYPL, MRK, MO, EBAY, GE, PG. Past performance does not guarantee future results. Learn how to trade before you trade.

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Shutdown Continues

January 7, 2019 by Doug Campbell

Uncertainty continues as the government shutdown begins a new week with little to no progress. As a matter of fact, the President seemed only to reinforce his position with a flurry of border security tweets this weekend. On the positive side, there seems to be a renewed energy between the US and China to resolve the trade war. Let’s hope for a positive outcome soon!

Futures are currently pointing to a flat open which is something we’ve not seen for a long time. A nice change in my humble opinion. A quiet consolidation would be nice, but I suspect the market will remain very sensitive to political news and volatility remains high. After a 750 point rally on Friday, don’t rule out the possibility of some profit-taking. I would also not be that surprised to see a test of the overnight high in the futures. Stay flexible and prepared for quick reversals on political news and as always stay focused on price.

On the Calendar

On the Earnings Calendar, there are 12 companies reporting earnings today, but there are none particularly notable.

Action Plan

US futures opened trading very positive and at one point suggested a bullish move of more than 150 points. However, having sold off during the evening, we could experience some we’ve not seen for a long time, a flat open to the market. I must say a nice change if that does occur! US / China trade negotiations seem on track this morning, and both sides appear to more inclined to complete the process. Unfortunately, there is still on progress on the government shutdown and the President seemed to dig in his heels with a flurry of tweets on border security this weekend.

Although there is still significant political uncertainty, the market on Friday seemed to issue a vote of confidence rallying more than 750 points. I would expect the market to stay very sensitive to political news with fast moves that could easily reverse direction intraday. Don’t rule out the possibility of some profit taking today nor the possibility of testing the overnight futures highs. The current market condition continues to favor day trading but a flat open today could finally signal that the market is trying to settle its nerves. As always stay focused on price action and remain flexible.

Trade wisely,

Doug

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