Rick’s Featured Trade Ideas
WMB/Long |RBB| Support | 2-day Engulf | Inverse H&S | Bull “W”
WMB| Plan your trade & trade your plan | May 17, 2016
Possible entry plan idea: Buy box $19.02- $20.68
Possible stop plan idea: Protective stop below $19.02
Swing trade playground: $19.02- $29.50 = 54%
Playground risk reward: 5:1 + depending on | entry | exit | stop
SPY: T-Line ™ chart suggest the sellers are in control.
7:00 am: The SPY ended up closing over the T-Line™ yesterday up .99% tagging the 20 – SMA and helped to confirm yesterday’s higher low. The Bulls seem to be doing a great job keeping us above the $203.88 low and holding us around my very important $207.00 area.
One of my favorite charts is the 4-hour chart, so let’s take a quick look at it. Yesterday’s close remains in the shadows of lower highs; the T-Line™ and the 34-EMA are both below the 50-SMA. Even with yesterday’s bullish move, the sellers still have control.
For the traders out there that follow volume, you probably already know yesterday’s volume was relatively low on the bullish move.
Apple might’ve been the driving force yesterday keeping the market elevated as Apple gaps and closed up 3.71% above the T-Line, basically from an announcement that Buffett is taking a position.
Bottom line, we’re trading both long and short positions realizing the market is just toying with us as it moves sideways in a tightening channel.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick
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Rick’s Featured Trade Ideas
WYNN/Short |H&S | BIF |
WYNN| Plan your trade & trade your plan | May 16, 2016
Possible entry plan idea: Short box $94.40- $89.29
Possible stop plan idea: Protective stop above $94.40
Swing trade playground: $94.40- $76.20 = 19.5%
Playground risk reward: 6:1 + depending on | entry | exit | stop
SPY: T-Line ™ chart suggest the sellers are in control.
7:00 am: Friday the SPY closed below the 50-day simple moving average with three lower lows and three lower highs. The SPY may also be painting a bearish “h” pattern along with a bearish head and shoulders to failed highs after the April 20 high, and we’re approaching the deuce magnet.
I peeked at a few indicators this weekend: On Balance Volume (OBV) is suggesting the sellers still have control and Time Segment Volume (TSV) also suggest the sellers have control.
Sorry to be so bleak, but I am just looking at the charts, no emotion. I think we need to see a good strong bull move to reverse the weak attitude of the past couple weeks, or we could see the SPY take a trip to about $201.50 or even farther south. Top to bottom, the 50% retracement is at $196.08.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick
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Rick’s Featured Trade Ideas
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SPY: 2-hour chart under pressure, under $207.00 warning
7:00 am: Retail is getting hammered, and it looks like Nordstrom (JWN) is its newest victim while Macy’s has been feeling downward pressure for some time now. Walmart, the king of retail, looks to me like it’s pharmacy needs to stock up on aspirin because it’s about to have a headache.
The overall market is starting to look fairly weak. The SPY is back below the $207.00 support level and the 2-hour chart looks as if it’s ready to break down through my deuces. The QQQ’s are already below the deuces with support about to 2% below. IWM has slipped below the deuces currently forming a bearish “h” pattern while the diamonds are hanging on by a thread. The transports (IYT) are in horrible shape forming a multicolor ice failure along with a bearish “h” pattern.
As always any positive catalyst can turn the charts positive, but at the moment, the major indices are just not looking so good. There’s no doubt we’ll find some long charts, and we will make money, but they must be traded differently and with caution. A few short trades at least on your watch list might be prudent and as always remember cash is a position, too.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick
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