Bulls Making A Break For It On A Bullish Piercing Candle

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The market (SPY), The Bulls, are making a break for it, premarket price is over our $289.60 line, and we may even see the 34-EMA challenged today. A close over $294.00 would be a substantial bullish move and kick the bears in the teeth. But let's take one step at a time. Price action yesterday was fantastic with a Bullish Piercing Candle, as always we need sustained follow-through. Don’t forget we have a 3-day weekend coming up and the Tariffs are slated for September 1, so they say. Yesterday I sent out a note Via TEXT on PFE, and we bought it going into the close. Are you registered for text alerts?

Bullish Piercing Pattern: First, there must be a clear and definable downtrend in progress for the pattern to qualify as a Bullish Piercing pattern. Second, the first candlestick (which appears at the end of the downtrend) must be a black (or red), bearish candlestick. Third, the second candlestick must be white (or green) and bullish. Fourth and finally, the second candlestick (the white one) must open below the black candlestick and close above the black candlestick's midpoint. So if you mark a dotted line through the vertical center of the black candlestick, does the white candle close above it? If so, it can qualify as a Bullish Piercing Pattern. Read More About Bullish Piercing Pattern.

The I path Series S&P 500 VXX Short Term Futures ETN. The VXX closed with a Dark Cloud Cover, once again held back from the $30.25ish level.  As long as the T-Line stays above the VXX, I will be concerned that the VXXX buyers have not entirely left.  

😊 Have a great trading day - Rick


For your consideration: Here are a few charts I thought should go on the watch-List, remember to trade your trade. PFE, OLED, BAH, PBYI, TSM, HAE, XEC, JBHT, WB, FLT, KLAC. Trade smart and wait for the QEP→ (QEP) Quality Entry Patterns). These Trade ideas are not recomendations.

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