Buyers Holding Off Sellers

Buyers are holding off the sellers in this bullish pullback. The SPY printed another lower low yesterday, and then the buyers stepped over the sellers closing well above the low. The price action of the SPY is flirting with-testing the 50-SMA and the $258.60 support area, what I would call a bullish pullback. Here is why I think the bullish pullback is good for the overall market, let’s look at the past five candles. The past five candles are drawing what could be a bullish continuation pattern, of course, it is based on the buyers holding support. If the bullish continuation pattern pans out the next target area would be about $270.50. And if the sellers walk all over the buyers $255.65 and $251.40 will be in the cards.

Notice how price action is trending above the T-Line and the Red/Green Dot trend in the chart below, we will remain cautiously bullish until we see a compelling bearish candlestick pattern with follow-through the breaks the bullish trend.

For more information about the Red/Green Trend line, Dotted Deuce or anything about our charts, consider joining us in the HRC trading room. We start at 9:10 Am each trading day. 60-Day Trial

Monthly Membership 15% Discount Code: SAVE15

Quarterly Membership 30% Discount Code: SAVE30

Stock picks or trade ideas without swing trading education will cost you your hard earned money. HRC Watch-list Trade-Ideas –  We are adding the following to our trade-list: LGIH, SEDG, EXTR, DF, CLVS, FSK, LLY, TWTR. Invest in your future with Hit and Run Candlesticks education
Past performance does not guarantee future.

Real-Time Market Scanner

LTA Live Trading Alert Image

Built-In (Included) Scan Definitions. Bullish and bearish, Continuation, moving average crossovers and bounces. (RBB) Rounded Bottom Breakout alerts, intra-day, daily and weekly, Candlesticks stick signals and more. Scan Definitions- Download FREE

Free YouTube Education  •  Subscription PlansPrivate 2-Hour Coaching

 DISCLAIMER: Investing/ Trading involves significant financial risk and is not suitable for everyone. No communication from us should be considered as financial or trading advice. All information provided by it and Run Candlesticks Inc, its affiliates or representatives is intended for educational purposes only. You are advised to test any new approach before implementing it.  Past performance does  not guarantee future results. Terms of Service

Comments are closed.

Skip to toolbar