Spotlight Chart – OVAS
Targets Hit- 19%
Members Trade Idea – March 14
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Featured trade idea – NCR
Set Up – Weak top, Bearish h pattern
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From a bull’s eye SPY:
Nice recovery of the SPY yesterday after the gap down and testing its 50-sma. There is a chance of minor follow through but I don’t think we see anything major. As a chart follower, the charts are suggesting the SPY and the market will see more correction.
Star light, star bright, first star I see tonight . . . . Unfortunately, this hopeful nursery rhyme doesn’t apply in the world of swing trading, where an Evening Star candlestick pattern indicates that very bad things are on the horizon. When traders spot this pattern, which is a top reversal signal, they know that lower stock prices may soon be on the way. However, the Evening Star candlestick pattern is a tricky pattern to identify, so investors must proceed with caution when they think they’ve sighted it. Scroll down to learn a little more about this hard-to-spot signal.
Investing and Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks or it’s associates should be considered as financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service
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Danger Zone
Good Morning Traders.
After the significant drop in the morning, I was pleasantly surprised to see the Bulls pull off a very nice rally recovering nearly all of the move lower. The big question is can it follow through? Last night the futures were up about 30 points, but they are now suggesting a lower open of 20 to 30 points. We are truly in the danger zone so be very careful.
On the Economic Calendar this morning we have the International Trade goods number that has the potential to move the market at 8:30 eastern. At 9 AM we have Case-Shiller report, and then 10 AM the consumer confidence number, both of which would have to be a pretty big surprise to move the market. Keep in mind; we have more Fed speakers today. On the earnings calendar, we have 78 companies reporting today.
My plan of action for today is to be very cautious. That was great to have the rally yesterday, but that rally stopped right at resistance levels. If the Bulls don’t step up and defend today, the Bears could regain direction and move use lower. I will likely sit on my hands until we have some price action clues established. I suggest extreme caution because we are in a very dangerous place where big moves are possible.
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Trade Wisely,
Doug
Last Updated: March 27, 2017
There is a positive and a negative to nearly every situation. We’ve already discussed the upside of a Tasuki Gap, so now it’s time for the downside. Occurring at the end of a distinct downtrend, the Downside Tasuki Gap is a bearish continuation pattern. Like the Upside Tasuki Gap, it isn’t particularly common or dramatic, but why not add it to your repertoire regardless? To help you get started, today we’re exploring the formation of the Downside Tasuki Gap candlestick pattern and the meaning it conveys.
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Good Morning!
The bears are hungry, and it looks like they plan to fed well today. The failure of Congress to pass a new healthcare bill is gaping the market sharply lower this morning. The selloff began in Asian markets last night and went all around the world. Quietly I was hoping why would pull off a last minute deal before today’s open but apparently they have given up at least for now.
The economic calendar events will not provide us any help today because all have are a few bond announcements and a couple of Fed speakers that still have something say after talking all last week. On the earnings front, we have 50 companies reporting today so stay on your toes.
The first order of business for me this morning is to manage the positions that I’m in. We have some very nice profits in RWO trades so let’s make sure we are taking care of that business first. Don’t act out of panic but clearly think through each position and respond as with a business frame of mind. We will now start looking for some bearish positions, but we must remember that the 1st quarter is coming to an end and the possibility of an end a window dressing rally is possible.
Have an awesome day!
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Trade Wisely,
Doug
Spotlight Chart – INCY
Targets Hit- 29%%
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Set Up – Bullish Engulf, PBO Doji
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From a bull’s eye SPY:
The Shooting Star Signal on the 3-day chart and the bear flag is proving to be too much for the bulls at this time. Until we see a solid bull reversal pattern I am seeing a $227.90 direction. Yes there will likely be relief rallies and a relief rally can turn into a reversal but a bullish pattern is usually required.
Second star to the right and straight on till morning! Well, not quite, Peter Pan. Those directions will take you to Neverland, but if you’re looking for a Shooting Star candlestick pattern, you’ll need better directions. This bearish reversal signal, which looks uncannily like the Inverted Hammer, is found at the end of an uptrend and heralds a falling price. It is formed by a single candle with a short body, little or no lower shadow, and a very long upper shadow. If you’re wondering exactly what a Shooting Star candlestick pattern looks like or what it might mean for future prices, scroll down. Everything you need to know is below . . .
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Spotlight Chart – IMMU
Targets Hit- 47%
Members Trade Idea – February 7
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From a bull’s eye SPY:
It’s a tug-a-war between the bulls and the bears. Price remains under the T-Line which demands a bullish signal, then follow through that cuts through resistance. If you’re a bear your just waiting for a signal that drops the price below the pivot low of $233.05.
If you flip the Hammer candlestick on its head, the result becomes the (aptly named) Inverted Hammer candlestick pattern. Like the Hammer, the Inverted Hammer occurs after a downtrend, and it also has one long shadow and one non-existent (or very short) shadow. Plus, they’re both bullish reversal patterns formed with just one candle! The key to identifying a Hammer versus an Inverted Hammer is the location of the long shadow. A Hammer’s long shadow extends from the bottom of the body, while an Inverted Hammer’s long shadow projects from the top.
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