Trending Consolidating Pop Out of The Box BSX bullish above $37.90, stop near $37.10
Trending Consolidating Pop Out of The Box
The trending consolidating Pop Out of The Box has caught my eye today. I have found that a bullish chart in motion stays in motion until you get a sell signal/pattern. BSX has gapped and for the past several days has had tight consolidation, what we call a Pop Out of The Box pattern. The weekly chart has created a Doji Continuation Pattern. BSX bullish above $37.90, stop near $37.10
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SPY • Trending
If you-you missed Sunday nights “Weekly Look” you can pick the recording up on my YouTube Channel. https://www.youtube.com/ricksaddler
On Friday last week we saw a little pressure on the SPY most likely on the Tariffs kicking in today, pre-market it looks like we see a little follow-through on the pressure. If the Bulls can keep us above $290.90, we should be ok with this nervous profiting.
On the other hand below %290.90 could lead to testing the September lows. On the daily chart, the $290.90 price line cuts right through the V-Stop and still above the Lower T-Line Band.
****VXX – Closed Friday with a positive body Doji below the T=Line and has a red V-Stop on its head. We might see a little chopping around this week in the VXX.
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Over the weekend there seemed to be a flurry of traders posting predictions of the week ahead. They ranged from the extremely bullish to those shouting the sky is about to fall. As short-term swing traders, what you think will happen is far less important than how you react to what is happening! Predicting can create a bias that clouds the view of price action signals that leads to all kinds of trading mistakes.
Fortune favored the bold this week with the Dow surging over 575 in three days to set new all-time highs for the index. Not wanting to be left behind the SP-500 joined in on the bull run also closing at a new record high. Clearly, the bulls are in control, but I am just a little concerned that exuberance may have temporally over extended prices in the short-term, particularly in the Dow. As a result, I was a net profit taker yesterday and will likely continue to do so today reducing my risk into the weekend.
