Bullish Engulf with Follow Through BSTI bullish above $5.90, stop below $5.62
Bullish Engulf with Follow Through
BSTI found support in the T-Line Bands with a Bullish Engulf and follow through above the 50-SMA and with about 50% to the 200-SMA we have a well organized Rounded Bottom Breakout. The last two candles make up a pattern we call Doji Continuation pattern. I will add BSTI to the LTA-Live Trading Alerts Real Time Market Scanner watchlist for a buying alert. BSTI bullish above $5.90, stop below $5.62
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SPY • New Day Low
Four candles and four new lows, the sellers continue to take from the buyers. Yesterdays Inverted Hammer closed below the 200-SMA but above the upper T-Line Band is acting like support with three higher lows and three higher highs. The weekly chart struggles with the 50-SMA and is trying to print a Bearish “h” pattern. Bottom line the market is a mess right now, I feel my best approach is to take off some risk and work on building a good watchlist.
****VXX – The VXX is still hanging out near the 200-SMA closing yesterday with a Doji on the daily chart. The weekly chart hax VXX in a Rounded Bottom Breakout pattern and PBO Bullish Harami.
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Without question, yesterday’s selling may have been painful, but is there a possible silver lining? If you take a close look at the DIA, SPY, IWM and even the QQQ could be forming a possible bullish inverted head and shoulders patterns. Of course, we will need to buyers come to hold key support levels to complete the formation, but that is still possible to stay focused on price action.
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Good morning from the Las Vegas Money Show. Asian markets closed modestly higher across the board overnight, and the European markets are currently mixed but mostly lower this morning. Consequently, US futures are pointing to a mixed open as I write this. Keep in mind that bond and currency markets are closed today in observance of Veterans Day. As a result, don’t be to surprise if price action becomes light and choppy after the morning rush.
