November 15 Lows Hold For Now?
The SPY slide yesterday but held above the November 15 lows for now. I am not boosting that is fantastic or anything just simply an observation. The bulls are getting their butts kicked as they try to fight back. Until we have a winner, this will be a troubled market to trade. I have fewer positions on and less invested in lowering my risk exposure. The SPY weekly chart is hanging from the 50-SMA, and that is never good. If the bulls can’t find a way to get back above the 50-SMA price action will need to find friendly support and the $246.00 area could be the story.
The first step for the bulls is to find a reason to find support above $270.50, then $275.90 and lastly (for now) $281.15. Below $270.50 the sellers will work for $265.30 and $260.00
Thanksgiving Week Trade Ideas
With this being a holiday week low market volume, Thursday market closed and Friday a half day I have decided to suspend any new trade ideas until Monday. We will post trade ideas as they appear on LTA-Live Trading Alerts Real Time Market Scanner in the trading room.
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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 Hit 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
Happy Thanksgiving Week
Happy Thanks Giving Week. This week will be a challenge for sure with Tuesday getting ready for Thanksgiving, Wednesday Thanksgiving Day, Thursday the day after Thanksgiving. Friday is Black Friday, and the market is open ½ day, then teres Cyber Monday. The volume in the markets will likely dry up to near dust. In the trading room today we will look at my dark chart with no candles or price action, moving averages only. You will see the trouble the bulls are fighting. The 34-EMA is barely hovering over the 200-SMA, and the 50-SMA started to turn down in early October. Under $275.85 the bulls are sitting ducks and could be forced to test the November possible the October lows. 7:30 am SPY futures down 10.00 and DIA down 85.00
FEYE On The Watchlist
FEYE is on the watchlist because of the trend, and the possible follow through freon the current chart pattern. Bullish trend. Volume break on October 31, and now price is having around supporting about $17.90. Thursday and Friday showed buyer interest near the Volatility Stop. Over $18.80 probable test of $19.50. Over $19.50 probable teat of near the recent high, so on and so on.
Add FEYE to your LTA-Live Trading Alerts Real Time Market Scanner watchlist and be alerted for a bullish entry/trade. Members trade ideas will be on the member’s blog.
Trading Services We Offer
- Hit and Run Candlesticks
- Right Way Options
- Top Gun Day Trading
- 30-Day Trial
321% This Year
The two most important pieces of software Rick uses is LTA – Live Trading Alerts Get your 30-Day Trail and TC2000 Charting Recieve $25.00 Off
Rick has dialed them in for max performance, and he freely shares his insights on what makes the tools the best and how to use them. Rick is also one of the only traders in the industry that shares his trading account. Traspaerancey and Trading Results.
Free YouTube Education • Subscription Plans • Private 2-Hour Coaching
YouTube Videos
Trading at the Beach • How to set up the T-Line Regression Lines • MetaStock Automated • Trading the T-Line Trap • Shorting the Blue Ice Pattern
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 Hit 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
Choppy Holiday Price Action
Thanksgiving vacations, Black Friday and Cyber Monday typically set the stage for choppy holiday price action. There are a lot of good-looking charts showing up after the rally relief last Thursday and Friday, but as the holiday nears they may find it difficult to find the energy follow-through. Of course, news such as a China trade deal would be a game changer but short of something like that this could be a challenging week.
You may have to very flexible and nimble willing to taking profits and cutting losers quickly. After the morning rush on Wednesday expect volume to drop like a rock unless driven by a surprise new event. Expect choppy price action on the half day of Black Friday trading and the Cyber Monday holiday sales events. If you’re heading out early for your holiday plans, I want to wish you safe travel and a very Happy Thanksgiving!
On the Calendar
There are 66 companies reporting earnings today. Notables today are AABA and JD which both report before the bell this morning.
Action Plan
Major holidays weeks typically see a significant decline in volume adding an additional challenge to our trading. We may find plenty of good long and short entry signals, but they may lack the energy to follow-through and profit. Thursday the market is closed, and Friday it’s only open half a day. In the past, both Black Friday and Cyber Monday are also light volume days with everyone focuses on the holiday shopping deals and travel.
Futures are suggesting a slightly bearish open with the Dow currently indicated to gap down about 75 points. Asian and European markets were bullish overnight. Because of the risks of holding over a holiday weekend, if I do trade, I will plan to take profits quickly and cut losers without mercy. I intend to be light in my portfolio on swing trades by Wednesday and will most likely stay that way until next week. If the holiday sales events go well then perhaps Santa can begin working his magic by next week. If sales disappoint, then watch the emergence of the Grinch.
Trade Wisely,
Doug
[button_2 color=”green” align=”center” href=”https://youtu.be/FvpgiSvf5gk”]Morning Market Prep Video[/button_2]
Nice bounce, but?
I don’t know about you, but I certainly wanted to see a little bullish follow-through after yesterdays nice bounce. Unfortunately, the current futures market is proving once again that what I want has nothing to do with what the market does! Sadly a lesson that took me a long time to learn.
With volatility so high anything is possible. If the market provides us with a quick profit, we should consider taking some or all of it off the table during turbulent market conditions. It may not be what you were planning for hoping for but it far better to take small gains consistently than letting those gains diminish or disappear overnight. As we head into the weekend, consider your risk carefully and remember that Thanksgiving is just around the corner which means volume will likely decline sharply heading into the holiday.
On the Calendar
On the Earnings Calendar, there are only 16 companies reporting as the 4th quarter season winds down.
Action Plan
After the nice bounce yesterday, I’m guessing that everyone was hoping for a follow-through push higher this morning. I know that’s what I wanted to see! However, what we want has nothing to do with what the market gives us. The unfortunate truth is that currently, the Dow Futures look to take back some of the reality with a gap down of more than 100 points. Disappointing yes, but not all that surprising given the recent market volatility.
As we head into the weekend, consider your risk carefully with high market volatility in mind. If you have current profits, it may be wise to take some if not all the gains and tuck that safely away in your account over the weekend. As 4th quarter earnings wind down, expect the market to become even more sensitive to any reports China trade and the likelihood of an agreement. Also, as Thanksgiving approaches, keep mind that volume can quickly dry up as traders take time off for the holiday, adding to the already challenging price action. Have a great weekend everyone!
Trade Wisely,
Doug
[button_2 color=”green” align=”center” href=”https://youtu.be/D1NmsubofDc”]Morning Market Prep Video[/button_2]
How BABA Acts Today
Depending on how BABA acts today we may or may not capture profits, at the close yesterday we were up 42%. With a few other nice trades, we are working with such as (SYMC-closed yesterday) and PZZA the “Road To Wealth” Account will be positive a staggering 380% for 2018. The new LTA-Live Trading Alerts Real Time Market Scanner is working out great alerting me on trades that need my attention. We are very very excited about the built-in alerts, and they will only get better from here. Here are 14 charts I am adding to my LTA-Live Trading Alerts Real Time Market Scanner PBI, LLY, MRK, EXTRA, LCI, LOGM, XENT, CASA, COLL, FND, AGEN, CDNA, VXX. Trade-Ideas and picks are worthless unless you know how to read a chart for profitable trading.
****VXX – Be careful the VXX chart is still in a bullish position which means the fear in this market is real.
Trading Services We Offer
- Hit and Run Candlesticks
- Right Way Options
- Top Gun Day Trading
- 30-Day Trial
321% This Year
Rick uses three main trading tools and has dialed them in for max performance. Rick also freely shares his insights on what makes the tools the best and how to use them. Rick is also one of the only traders in the industry that shares his trading account. Traspaerancey and Trading Results.
- LTA – Live Trading Alerts Get your 30-Day Trail
- TC2000 Charting Get $25.00 Off
- TradeHawk Trading Platform
Free YouTube Education • Subscription Plans • Private 2-Hour Coaching
YouTube Videos
Trading at the Beach • How to set up the T-Line Regression Lines • MetaStock Automated • Trading the T-Line Trap • Shorting the Blue Ice Pattern
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 Hit 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
