Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
NMM | RBB |PBO Engulf | T-Line™ Trend Bullish
SPY: T-Line™ 34ema bullish trend | Market is very overbought
Good Morning, Profit Traders,
The Bulls still control the SPY but there are signs that the bull is tired:
- The range has narrowed over the last couple weeks.
- The Doji bearish engulf is a warning sign not to take lightly.
- Yesterday’s close was outside of the narrowing trend.
We are predominantly long and still looking for long trade positions while the market may be entering a bullish pullback phase. The $212.50-ish (23.6% Fib retracement) pull back would be positive for the SPY chart. The $209-ish area would be something we will have to watch as it would be getting close to failing major support.
We are predominantly long and still looking for long trade positions while the market may be entering a bullish pullback phase.
The $212.50-ish (23.6% Fib retracement) pull back would be a positive bullish pull back for the SPY chart. The $209-ish area would be something we would have to watch as it would getting close to failing major support.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
CLDX | Rising trend |RBB | Morning Star signal
SPY: T-Line™ 34ema bullish trend | Market is getting very overbought
Good Morning, Profit Traders,
Did you know that on June 26, SGY was a members trade idea or how about GORO, CDE, EXK on June 16, could you have made money on these stocks?
Not to take anything away from the bulls; they have dominated the run from June 28th. Friday’s closing candle was a clear Bearish Engulf which is a major warning sign and suggests caution. In the next day or so, if we see selling follow-through below Friday’s low ($215.31), we might want to look at $212.50-ish to $209-ish as possible support areas; both numbers are Fibonacci lines.
The $212.50-ish (23.6% Fib retracement) pull back would be a positive bullish pull back for the SPY chart. The $209-ish area would be something we would have to watch as it would getting close to failing major support.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
PAGP | Trending | 200-sma breakout | Doji Continuation
SPY: T-Line™ 34ema bullish trend | Market is getting very overbought
Good Morning, Profit Traders,
Yesterday the SPY closed higher with a gap and a clear Doji and the trading range of the last 14 days has become extremely tight and narrow. The current chart pattern and yesterday’s Doji could lead to nothing more than minor consolidation and more bullishness.
If the Bulls lose 215.40 the bears should be able to pick up 212.40 Which would only be to the 23.6 fib line, a very healthy bullish pullback.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
DSX | RBB | Bullish J-Hook Breakout
SPY: T-Line™ 34ema bullish trend | Market is getting very overbought
Good Morning, Profit Traders,
Based on the open it would appear that the near dark cloud cover on IWM might not see weakness as follow through, of course the day is not completely over.
The morning futures seem to be suggesting that the Bulls are not willing to give up the race to the top. If the Bulls were to allow profits to be taken and it looks as if $212.00 down to $211.00 would be all the Bulls might give up.
You might want to draw from the June 24 high to yesterday’s high and then from the June 26 low to yesterday’s low you will see that there is a definite narrowing and tightening of range, this could be a warning sign of minor profit taking/consolidation.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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