Blue Ice Failure Leads To The Deuces

Blue Ice Failure Leads To The Deuces

Short set-up, Blue Ice Failure (BIF) leads to the Deuces (200-SMA and 200-FWL200) target zone many times and has become a favorite trade of mine. UA is in such a chart pattern, and I see about a 15 – 16% stock trade and could be a 75% plus option trade.  And possible more below the 200-SMA. Here are a few tools to use and focus on: Candlesticks • Price Action • T-Line • T-Line Bands • Support • Resistance.

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SPY • Profit Taking Has Extended

The selling in the SPY extended three days yesterday and today could be four. Price closed yesterday below the T-Line, but above support, it is clear the buyers and sellers have some negotiating too do.  The daily V-Stop has turned red while the 2-day chart is on V-Stop and T-Line support. With AAPL reporting tonight and the FOMC meeting starting today, no doubt there will be winners and losers.

****VXX – Last weeks double bottom, Doji, Bullish Engulf had a little follow-through yesterday. The VXX chart is still trending down, but the FEAR team is trying to carve out a bottom. We will see, stay tuned.

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Past performance is not indicative of future returns

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