NEOT/LONG |RBB | Morning Star|

SPY:  High resistance $210.92 | High support near $207.87
T-Line™ Chart: Trending bullish | Candle price action week
It would appear that the Bulls had a little trouble getting through our $210.92 resistant line yesterday and closed for the day down .19%.  Yesterday’s candle opening above Friday’s candle and closing below the 50% mark of Friday’s candle is alerting us that a little back filling may be needed.  Along with the $210.92 resistant line that we have been posting, we also have been posting a support line at $207.87 which has a high probability of being tested.  Using our T-Line™ chart, the swing trend remains bullish while price is demonstrating a little weakness.  Without a complete confirmed sell signal or a breakdown of the supporting swing trend, we will remain bullish looking for pullback opportunities (PBO’s) while taking on a couple of trades that will work with the sellers such as the TZA trade that we took yesterday with the intention of profiting on a short-term relief rally.

For about a month now we have talked about how important $207.00 is for the Bulls and the bears.  Here at Hit-And-Run Candlesticks, we will be watching this line with an eagle eye.

Trading knowledge ignites successful stock trading.

All the best to your trading success!
Rick | Hit and Run Candlestick Team
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Rick’s Featured Trade Ideas

CLDX/LONG |RBB | PBO flag|

SPY:  High resistance $210.92 | High support near $207.87
7:00 am:  T-Line™ Chart Bullish Friday’s close ahead of the memorial day weekend closed bullish up .43% just pennies away from the April 20 high.  Technology has led the way followed by healthcare and the financials hold third-place.  Basic materials brings up the rear of the 11 sector indexes I follow.
The leading sector for Friday was consumer cyclical up .80% while the loser was basic materials down .63%
The T-Line™ chart continues remains bullish with the T-Line™ leading the 14-SMA and the 14-SMA leading the 34-EMA. The SPY is getting a little overbought but no price weakness showing at Friday’s close.

Trading knowledge ignites successful stock trading.

All the best to your trading success!
Rick | Hit and Run Candlestick Team

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Rick’s Featured Trade Ideas

No featured trade idea today….. It’s Friday!!!!!  Take some profits, reevaluate your positions.

Remember why we have the freedom to trade the way we do.  Take a minute this weekend, stop and say thank you, leave a flower or raise a glass to someone you know, a friend, anyone that has a connection to those that have fought for our freedom.

SPY:  High resistance $210.92 | High support $207.87
7:00 am:  T-Line™ Chart Bullish even with a minor pullback
Pretty quiet day yesterday.  The SPY closed up .03% in a very narrow range painting a Doji at the end of the day.  The T-Line chart has confirmed our short-term bullish trend and price continues to support this trend as well.  Yesterday was the second day that the SPY could not push above the $209.76 resistance line, which will no doubt start to make swing traders a little concerned.  A pullback to $207 would be a perfect swing trader’s trade, and we would accept $206.25 reluctantly.  The candle pattern currently painted is what we call a “Doji continuation pattern.”  This pattern is when you have a sharp rise in price and then the next day print a Doji at the high end of the previous day.  Trading tip:  candlestick signals require confirmation.  A bullish push above $209.76 would no doubt cast the April 20 highs.

Top sector leaders yesterday were Utilities, Consumer Defensive, both Les the 1%.  The two sector losers also both by 1% Energy printing a bearish dark cloud cover candle and Financial Services also printing a dark cloud cover candle.

Luxury Goods fell by 4.20% – ouch | technology computer Systems rose by 2.44%

Trading knowledge ignites successful stock trading.

All the best to your trading success!
Rick | Hit and Run Candlestick Team
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