APTI Bullish Pop Out Of The Box
APTI has broken out of a Bullish Pop Out of The Box and now testing support. APTI has been trending then started to consolidate on March 8. The Bullish engulf on March 14 saw a little pop but no follow through. The following days drifted down to the $29.00 area (support) Yesterday’s candle opened near support and closed above the March 14 Bullish Engulf. The chart appears to have enough buyers to create follow through.
We will any discuss our trades in detail during our Members Morning Prep starting at 8:45 AM Est. With Steve Risner and Rick Saddler at 9:10 am this morning. members morning briefing
Recently closed
VXX 6% • CAT 39% • TWTR 50% • FEYE 28% • OCN 39% • TWTR 54% • QQQ 28% • QQQ 179% • TWTR 180% • VXX 375% VIPS 118% • WTW 21.9% •
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SPY Update
The Strong Bull move yesterday will likely bring more buyers in today reaching for the next goal. The next goal would be about $269.00. A close over $269.00 today or tomorrow would put price above the 50% line of 3/13 high and the 3/23 low. From there the daily 50-SMA could be challenged.
The VXX short-term futures
VXX close yesterday above the downtrend line and should not be dismissed just yet.
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To learn more about our trading tools join us in the trading room or consider Private Coaching.
Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. is financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.
Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.
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Volatility
Politically induced market volatility can be remarkably violent because of all the emotion whipped up in the press. It reminds of the Chicken Little nursery rhyme where one minute the press seems to infer the sky is falling and the next minute reporting well, maybe not! Such seems the case this morning as the trade war spin seems to have reversed over the weekend and cooler heads will likely prevail. Who would have guessed? LOL.
Sadly it’s the poor retail swing traders that get damaged the most in these violent swings of market emotion. As I have said several times over the last three months, retail swing traders have little to no edge in such a violently emotional market. Trading accounts get chopped to pieces, and the traders have their confidence crushed in the turbulence. Always remember that cash is a position and that you don’t have to trade every day to be successful. Be patient your edge will return in due time.
On the Calendar
We begin this week on the Economic Calendar with only non-market-moving reports today. The Chicago Fed Activity Index is at 8:30 AM Eastern with the Dallas Fed Mfg. Survey at 10:30 AM. We have two Fed Speakers at 12:30 PM and 4:30 PM as well as four bound related events to complete the calendar day.
The Earnings Calendar shows 73 companies report results today. It’s hard to believe, but Friday marks the end of 2018’s first quarter. That means second quarter Earnings season is only about three weeks away.
Action Plan
Last week was a rough week for the market as trade war fears brought the bears out in droves. The DIA and SPY closed at its lowest at its lowest level of the year so far this year. The SPY closed Friday just below the 200-day average with the DIA missing that mark by only 1.5 points. The QQQ’s fell more than 2.5% while the IWM dropped just over 2% on the day.
It would seem this morning that the tough talk with China was a move designed to bring them to the table to cut a fair trade deal. Over the weekend pressure was added to China as a former Obama official said that President Trump’s concerns were valid. China has already made moves to relieve some of the trade deficit imbalances, and both sides have expressed a willingness to negotiate over the weekend. As a result, Dow Futures are currently pointing to a 275 to 300 point gap up this morning. That kind of huge gap will put some serious pressure on short traders that held over the weekend forcing them to cover. That means the conditions for a short squeeze exist this morning. Volatility is very high so expect very fast price action with intraday reversals that could easily swing the Dow more than 100 points in just a few minutes. It may be wild, but at least we will get some sweet relief from last weeks heavy selling.
Trade Wisely,
Doug
[button_2 color=”green” align=”center” href=”https://youtu.be/qr3bxh34TLc”]Morning Prep Video[/button_2]
Uncomfortable About Chasing A Trade
Honestly, folks, I feel so uncomfortable about chasing a trade today that I am not posting any. The market is in an angry phase that shreds accounts. If we see a trade during the day, we will post it in the trading room and on our Smart Phone App. Trading because of an addiction or desperation is not smart trading.
We will any discuss charts you may have in the trade in detail during our Members Morning Prep starting at 8:45 AM Est. With Steve Risner and Rick Saddler at 9:10 am this morning. members morning briefing
Recently closed
VXX 6% • CAT 39% • TWTR 50% • FEYE 28% • OCN 39% • TWTR 54% • QQQ 28% • QQQ 179% • TWTR 180% • VXX 375% VIPS 118% • WTW 21.9% •
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Event Calendar
SPY • Relief Rally
Friday the SPY fell again and landed on the daily 200-SMA, also very near price support. Pre-market numbers suggest a relief rally bounce just as we talked about Friday. A common relief rally to about $263.35 would be normal, maybe even between $263.35 and $265.90. The SPY felt pain and damage last week, and if today’s bounce is the start of a bottom, we will need to see a constructed reversal pattern. If the Bulls are not ready for a repair job, we could slide into the February low area.
The VXX short-term futures
THE VXX chart demonstrated it’s fear last week by breaking out and holding into Friday’s close. The pullback I see premarket is still above the downtrend line. Fear and volatility are in the house.
Rick’s Swing Trade Ideas Reserved for Subscribing Members
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Focus Trading Education
Candlesticks • Price Action • T-Line • T-Line Bands • Support • Resistance • Trend • Trendlines • Chart Patterns • Buy Box • Volatility Stops • Profit Zones • Entry Zones • Protective Stops • RBB Rounded Bottom Breakout Strategy • Pop Out of The Box Strategy • Pinball Strategy • Trade Planning, Fibonacci, Stoch/RSI
To learn more about our trading tools join us in the trading room or consider Private Coaching.
Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. is financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.
Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.
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Trade The Direction Of The Market
One of our subscribers said in the trading room yesterday “So nice to be trading in the direction the market is moving; There was a time I would hold on to a position for months or years.”
The SPY has lost over 5% in the past nine trading days, failing the 50 Day-SMA and now testing the Dotted Duece FWL200. The SPY is very oversold now, so a bounce is near but I doubt it will help much. I believe the 200 day-SMA will be eventually be tested after some sort of relief rally. I have no doubt the market will turn around but only after a complete reversal pattern has been constructed. There were two traders and a pot of gold, one trader was patient and one not so much. Who do you think won the pot of gold?
Road Trip with A Trend
My Promise To You…. is to teach what works from having 30 years of trading teaching and coaching experience. And, to share with you the knowledge and tools you need to trade continuation patterns with ease and resulting profits!
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The 15% Bonus Discount Will End Soon
Fact! All profitable swing trades come from some continuation pattern.
Benefits of Using Continuation Patterns
- Number 1 reason… easy to profit from the patterns
- Easy to train your eyes for spotting the patterns
- Easy to scan for the patterns
- Easy to enter the pattern
- Easy to set protective stops
- Easy to trade the pattern
- Trade time ranges from overnight to about 20 days
Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. is financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.
Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.
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Trade war gloom.
As gloomy as the charts may seem just keep in mind that one day the selling will stop and there will be great companies at offered up for a nice discount. Let’s also keep in mind that the economy is still showing tremendous strength; labor demand, manufacturing growth, and consumer confidence are near record levels. The selling right now is politically motivated and will eventually pass because there is one thing for certain. Politicians always want to be reelected, and a compromise will eventually happen so they can ride in on their white horses to save the day.
On the Calendar
We wrap up this week’s Economic Calendar with two important reports. At 8:30 AM Eastern is the Durable Goods report which according to forecasters will bounce back 1.7% in February. Capital goods should rise about 0.7% and remove ex-transportation is expected to show a solid gain of 0.6%. New Home Sales numbers at 10:00 AM is expected to come in with a strong 620,000 annualized vs. January’s reading of 593,000. We have Fed Speakers at 10:30 AM and 11:30 followed by the Oil Rig count at 1:00 PM to finish off the calendar week.
On the Earnings Calendar, there are only 24 companies expected to report, and I don’t see any that would be particularly market moving.
Action Plan
The bears hit the ground running yesterday with about a 200 point gap down at the open as a head start. After fall 500 points there was a brief rally, but tough tariff talk brought the bears back in force closing the day down 724 point in the Dow. With yesterdays selloff all four of the major averages are now below their 50-day moving averages. Future markets this morning are only adding to the pain currently pointing to 100 point gap down, but that is an improvement from the overnight lows if you’re looking for a little silver lining. The SPY only has about 57 points to reach the 200-day average while the Dow would need to drop another 600. I know no one wants to see that happen but it sure looks like that’s a good possibility.
If your short, congratulations, its time to watch for clues of a relief rally to take some profits. Those standing aside stay focused on price action, manage your watchlists and prepare. The selling will eventually end there will be nice discounts prices on good stocks when it does.
Trade Wisely,
Doug
[button_2 color=”green” align=”center” href=”https://youtu.be/sWoIspUpvmw”]Morning Market Prep Video[/button_2]
Stop Digging
I have the privilege of working with a lot of traders from all over the world. A common theme I’ve heard over the last couple months is that many are seeing their accounts chopped to pieces. I hear things like; Everything that was working last year is now delivering a lot of losses. What they have failed to recognize is that the market has changed and they have not adapted to the change. There is an old saying, “if you find yourself in a hole, Stop Digging.” The market has changed and has become very challenging even for very experienced traders.
If you find that the market is handing you one loss after another, then it’s time to stop digging and reevaluate. If you have no “edge,” then your likely only providing liquidity to those that have adapted. Stop, reevaluate, wait for your edge to return or adapt your trading to the current market conditions. The only alternative is to watch your capital disappear along with your dreams of financial independence.
On the Calendar
The Thursday Economic Calendar is a full-one, but there are only two potential market-moving reports today. First is the 8:30 AM Jobless Claims that consensus expects to decline 1000 to 225,000 as labor demand continues to be steady and strong. Secondly, we have the PMI Composite at 9:45 AM which consensus suggests will remain strong at 55.2 with PM Manufacturing at 55.7 and PMI services at 55.7. Reports today that are not expected to move the market, FHFA Housing Price Index, Consumer Comfort index, Leading Indicators, Natural Gas report, Kansas City Manufacturing Index, Fed Balance Sheet, Money Supply, and 8-bond related events.
The Earnings Calendar shows 84 companies are expected to report earnings today.
Action Plan
When I ran out early yesterday for an eye doctor appointment, the price action was still whippy but leaning slightly toward some hopeful bullishness. Sadly the bulls were unable to hold on to that bullish sentiment with only the IWM managing to close the day positive. It would seem jitters over additional tariffs, and the potential of a trade war with China is to blame. Yesterday I mentioned that the indexes were sitting at the edge of a very big cliff and it wouldn’t take much to push them over the edge. With the Dow futures pointing to more than a 150 point gap lower this morning, it would appear tariff fears could give us that push.
Remember big morning gaps can often create whipsaws and very fast price action. Be careful not to chase the gap. The next visible price support lower on the Dow is still several hundred points away. If the bulls don’t fight back hard, we could experience another significant selloff today. Protect your capital.
Trade Wisely,
Doug
[button_2 color=”green” align=”center” href=”https://youtu.be/R_Ya7RNxy9Q”]Morning Market Prep Video[/button_2]
TDOC • Daily Chart • Bullish J-Hook
TDOC and the Daily chart is forming a Bullish J-Hook continuation pattern with a 2-day chart Bullish Morning Star. Lets back up, and look at the weekly chart. The past seven months the chart has floated sideways (consolidation) and formed a Bullish Morning Star with a mini Inverse Head and Shoulder off the (50-SMA weekly) back to the daily chart- Price broke out and tested, rallied to now form a Bullish J-Hook.
We will discuss the trade in detail in our Members Morning Prep starting at 8:45 AM Est. With Steve Risner and Rick Saddler at 9:10 am this morning. members morning briefing
Recently closed
VXX 6% • CAT 39% • TWTR 50% • FEYE 28% • OCN 39% • TWTR 54% • QQQ 28% • QQQ 179% • TWTR 180% • VXX 375% VIPS 118% • WTW 21.9% •
For more benefits Click Here
Event Calendar
SPY and Price Action
Mr. Powell has spoken, and the SPY closed above the most recent low ($268.62) yesterday. We wake up to see lower premarket trying to test the resent low ($268.62). The decision Bulls need to make today will be to let go and allow the bears to take us to $264.80 or fight for the 50-SMA.
The VXX short-term futures
Keep an eye on the VXX; it can give clues to the amount of fear or lack of fear in the market. The VXX chart closed yesterday with minimal fear, but the pattern is dangerously poised like a snake waiting to strike.
Rick’s Swing Trade Ideas Reserved for Subscribing Members
Focus Trading Education
Candlesticks • Price Action • T-Line • T-Line Bands • Support • Resistance • Trend • Trendlines • Chart Patterns • Buy Box • Volatility Stops • Profit Zones • Entry Zones • Protective Stops • RBB Rounded Bottom Breakout Strategy • Pop Out of The Box Strategy • Pinball Strategy • Trade Planning, Fibonacci, Stoch/RSI
30-Day Trial • Monthly • Quarterly • Semi-Annual • Annual
To learn more about our trading tools join us in the trading room or consider Private Coaching.
Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. is financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.
Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.
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