Spotlight Chart – INCY
Targets Hit- 29%%
Members Trade Idea – Jan. 19 – Mar 21
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Featured trade idea – SQQQ
Set Up – Bullish Engulf, PBO Doji
Potential Swing profit – 12 – 20% Plus
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
675 Shares Invested – $1431. in your pocket
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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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Spotlight Chart – JAZZ
Targets Hit- 30.30%
Members Trade Idea – January 3
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Today’s featured trade idea – OSUR
Set Up – 2-day Bull Kicker, 3-day Doji Continuation, T-Line breakout
Potential Swing profit – 13 – 30% Plus
From a bull’s eye SPY:
As of Wednesday’s close, the bear still owns the bull and the bear has created resistance starting about $235.80.
The last few days we have been talking about Moving Average crossover, using the T-Line and another slower moving average. The SPY has clearly broken the bull trend. The candle patterns have also confirmed the sellers are in charge.
To be bullish we will need to see a candlesticks reversal and a moving average cross-over. Set you to plan up and create a working watch list. Until then we will focus on, in this order, shorts, inverse ETF’s, longs.
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