June 28 | 5pm PST | 7pm CST | 8pm EST
Rick Saddler | HRC Public e-Learning
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
S/Long |T-Line™ PBO| Higher Highs and Higher Lows
SPY: T-Line™ Chart: A close in needed over $202.20
Good Morning, Profit Traders,
Europe is trying to bounce back but volatility remains, and today we start the relief rally phase. The SPY is set up to open higher kicking off the relief rally from a very bruised and oversold market. It’s not the open or the midday that will be the most important hour of the day; it’s the close. The question is: Will we close over $200.20, the first resistance at yesterday’s close? Today, will it act as support after the morning positive relief? $202.15 and $203.35 will be important resistance numbers that the relief rally will have to deal with.
There should be some pretty decent trades today, but I don’t believe this relief rally will continue without constructing a bottom formation.
The $199.00 area clearly acted as support yesterday as noted in our June 27 morning note.
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
ABX/Long |J-Hook PBO| Higher Highs and Higher Lows
SPY: T-Line™ Chart: Below 202.85 will hurt
Good Morning, Profit Traders,
The volatility should be with us for a while, but once the market has had time to absorb the recent Brexit information, it should be easier to trade. I believe there is more downside to come with relief rallies along the way. Timing the market and your charts are more important now than we have seen in a long time. It’s a good thing that we have been talking about support and resistance so much lately. The SPY looks like $199.00 could see a little support while $206.00 may offer a little resistance. At the close on Friday, Gold, Silver, Utilities and Real Estate seem to be in the best shape. Utilities are overbought.
Overall, this is a very heavy market right now with a great deal of fear because of the unknown.
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
No Trade Ideas Today
SPY: T-Line™ Chart: Below 202.85 will hurt
Good Morning, Profit Traders,
Gold is up and the market is down. I think most members of Hit-and-Run Candlesticks have a little gold. Having a little gold going into the Brexit was a smart play and will help offset any losses.
There will be no featured or members’ stock picks today as we will likely have our hands full with positions we already own and the fallout from the vote.
The important thing here is keep your head on straight. I have mentioned a couple of times this past week that there’s going to be a lot of knee-jerk reaction and likely a lot of nervous traders out there. Let’s trade calm and smart.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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