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
No Featured Trade Ideas Today
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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Rick’s Featured Trade Ideas
SDLP/Long |20-sma trending | RBB |multi doji bottom |PBO
SDLP| Plan your trade & trade your plan | May 12, 2016
Possible entry plan idea: Buy box $5.21- $5.59
Possible stop plan idea: Protective stop below $5.59
Swing trade playground: $5.21 – $7.90 = 49%
Playground risk reward: 11:1 + depending on | entry | exit | stop
Yesterday’s featured trade idea was bought.
Still holding SONS and LNKD; doing well for us.
SPY: T-Line ™ chart suggest the buyers are in control.
7:00 am: The SPY showed a little weakness yesterday closing below the T-Line and the $207 area losing .94%. As we have stated many times over the last couple of weeks, the $207 area is very important to both the Bulls and the bears. Now that we closed back down below the $207 area and the T-Line, that sets up the May 6 candle to be tested. The importance of the May 6 candle is that it tested the 23.6% Fibonacci line. And one thing for sure in the chart is that the price consolidation is causing both the 20- and 50-day simple moving averages to tighten up. The tighter they get the more likely a trend direction is to happen.
IYT, the Dow Jones Transportation Index, played hard yesterday and ended up in the nurse’s office closing with a classic blue ice failure and an accompanying bearish engulf on volume. IYT may put a drag on the overall market. Here at Hit-and-Run Candlesticks, we’ll be keeping a very close eye on it.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick
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