Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
INAP/Long | RBB| Bullish J-Hook | PBO Support
SPY: T-Line™ Chart: Needs confirmation
Good Morning, Profit Traders,
Let’s take a look at Friday’s close, Friday’s low was within pennies of a tweezer bottom but more importantly the low was higher than the low Thursday. Friday’s candle closed within Thursday’s candle making it an inside day. Friday’s candle close the gap of May 24.
Based on the morning futures that the Bulls seem to have had a team meeting this weekend and decided they were going to take on the bears $210.95 which may lead to challenging the June 8 high.
At the close Friday the T-Line™/34 EMA trend was still intact. If the Bulls are successful with follow-through $214.00 and $217.00 are possible bullish direction
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
LCI/Long | RBB| Bullish J-Hook | Cup & Handle
SPY: T-Line™ Chart: Needs confirmation
Good Morning, Profit Traders,
Yesterday the market went from an oversold low to a high with an impressive price action candlestick. The SPY in particular went from a low to a high with nearly a three point move in the candle pattern painting a bullish piercing candle and a candle in the belt-hold family. Here at Hit-And-Run Candlesticks and Right Way Options, we realize that price action/candlesticks require confirmation.
Despite the good price action yesterday, one would have thought that we could see a trend reversal in our intraday charts, but we did not. This should cause the savvy trader to have some concern or at least patience until we see the intraday charts with a bullish trend.
There are two major numbers that the Bulls need to capture: $209.36 and $210.15. This may not happen unless the intraday charts see a meaningful constructed bottom. Many times yesterday I pointed to a 30-minute chart and the fact that the T-Line™ was still below the 34 EMA. It would be a win for the Bulls if they could produce enough energy to drag the T-Line™ back above the 34-EMA; unless this happens, the bears stay in charge.
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| T-Line ™ Bullish Trend | Recent break out | Bullish Engulf
SPY: T-Line™ Chart: Price breaking down on daily chart
Good Morning, Profit Traders,
The Shooting Star on the weekly chart of the SPY continues to suggest the sellers have control, and that if the bears take control today of the close, it looks like the $205.00 is on their minds.
On my three line T-Line™ chart price closed yesterday below the 34 EMA with the T-Line™ following close behind. The T-Line™ trend looks as if it’s ready to roll over and hang with the bears for a while.
Just something to think about, like 200-period moving average groupings are in the $202.00 area.
The top leading indexes for yesterday was Silver, Copper, Oil and Gas Drilling, and Gold.
As I’m looking through charts to trade for the next several days, silver, copper and gold stocks are really standing out. I’m seeing a lot of flags and flag breakouts, Morning Star signals and Bullish Engulfs all in bullish formation on my T-Line™ chart.
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 Featured trade idea today
SPY: T-Line™ 2-hr Chart sellers in control at the close yesterday
Good Morning, Profit Traders,
Alaska Trading Cruise….Check it out
Yesterday’s low in the SPY, $206.92, came within eight cents of our $207.00 number that we have talked about. Yesterday’s gap down Doji close found support on our $207.00 support line with a Doji close back above the 50-day simple moving average. Other than the T-Line™ crossing below the 14-SMA, the T-Line™ trend chart is still in favor of the Bulls while the recent price action has been in favor of the bears. With the recent bear pullback on the daily chart, the weekly chart has been painting a bearish Shooting Star pattern. In the Hit-and-Run Candlesticks trading room, we have been very conservative and warning of caution. Right now we are in dangerous waters with uncertain wind changes, and let’s not forget about the sharks. The wind and the surf should quiet after Janet and the Brexit vote. Keep in mind that most of today’s price action will most likely be positioning and guessing on what Janet has to say and the Brexit vote. The technical trader doesn’t guess; the technical trader follows the charts for direction and insight.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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