Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
BPT/Long |RBB| Bullish Engulf | Breakout
SPY: T-Line™ Chart: A close is needed over $203.35
Good Morning, Profit Traders,
The oversold relief rally continues according to the morning futures. Yesterday, the two numbers we posted, $202.15 and $203.35, were spot on. The morning futures fueling the relief rally puts a nice round number of $205.00 in the crosshairs for resistance followed by $206.00.
The transports remain in horrible shape with price of the weekly chart still under the 200- period moving average.
The US dollar index (DXYO) closed yesterday at $96.09, the 200-period moving average has held off the last three attempts to push through, and $95.50 is acting as support.
Overall, the market has been damaged and will take quality construction to put the market back in contention with the highs. It’s important to understand how bottoms are formed, how support needs to be tested and resistance needs to be broken down. There’s a big difference between a reversal and a relief rally. At this time, I only see a relief rally being attempted.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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June 28 | 5pm PST | 7pm CST | 8pm EST
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
S/Long |T-Line™ PBO| Higher Highs and Higher Lows
SPY: T-Line™ Chart: A close in needed over $202.20
Good Morning, Profit Traders,
Europe is trying to bounce back but volatility remains, and today we start the relief rally phase. The SPY is set up to open higher kicking off the relief rally from a very bruised and oversold market. It’s not the open or the midday that will be the most important hour of the day; it’s the close. The question is: Will we close over $200.20, the first resistance at yesterday’s close? Today, will it act as support after the morning positive relief? $202.15 and $203.35 will be important resistance numbers that the relief rally will have to deal with.
There should be some pretty decent trades today, but I don’t believe this relief rally will continue without constructing a bottom formation.
The $199.00 area clearly acted as support yesterday as noted in our June 27 morning note.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
ABX/Long |J-Hook PBO| Higher Highs and Higher Lows
SPY: T-Line™ Chart: Below 202.85 will hurt
Good Morning, Profit Traders,
The volatility should be with us for a while, but once the market has had time to absorb the recent Brexit information, it should be easier to trade. I believe there is more downside to come with relief rallies along the way. Timing the market and your charts are more important now than we have seen in a long time. It’s a good thing that we have been talking about support and resistance so much lately. The SPY looks like $199.00 could see a little support while $206.00 may offer a little resistance. At the close on Friday, Gold, Silver, Utilities and Real Estate seem to be in the best shape. Utilities are overbought.
Overall, this is a very heavy market right now with a great deal of fear because of the unknown.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
No Trade Ideas Today
SPY: T-Line™ Chart: Below 202.85 will hurt
Good Morning, Profit Traders,
Gold is up and the market is down. I think most members of Hit-and-Run Candlesticks have a little gold. Having a little gold going into the Brexit was a smart play and will help offset any losses.
There will be no featured or members’ stock picks today as we will likely have our hands full with positions we already own and the fallout from the vote.
The important thing here is keep your head on straight. I have mentioned a couple of times this past week that there’s going to be a lot of knee-jerk reaction and likely a lot of nervous traders out there. Let’s trade calm and smart.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
ETE/Long | Bullish Engulf| Continuation pattern2 | J-hook pattern
SPY: T-Line™ Chart: $209.79 will prove to be resistance or support
Good Morning, Profit Traders,
The morning futures are up and the market seems happy, at 6:50 AM the SPY is at $210.10. Last night as I was looking at charts and I drew a line at $209.79 which is resistance so the market bullish trick today will be to close over $209.79.
With a successful bullish close over the $209.79 line there is a high probability that June 8 high will be tested. On the other hand if the sellers can close below $209.79 the May 19 low may be under attack.
Yesterday several members and myself agreed that there are quite a few good-looking charts setting up for profitable runs and if the market continues to act bullish during the trading day as it is now we should see terrific profits. If the market does in fact show a gap at the open be very cautious for the first hour. Members of Hit-and-Run Candlesticks have been taught not to Chase.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
BPT/Long | RBB| C&H | 4-hr chart morning star
SPY: T-Line™ Chart: teetering between Bullish and Bearish
Good Morning, Profit Traders,
With a very flat narrow range in the overall market yesterday, it’s extremely clear that everyone is waiting for Thursday’s Brexit vote, and, yes, it’s my opinion we should do the same. Trying to fight and trade a directionally challenged market is just unproductive.
For the last four months, the SPY has traveled sideways in a channel from about $203.85 up to about $212.52. We have a lateral support line drawn at $207.12 which the Bulls currently have the pleasure of owning. As long as the Bulls can maintain ownership above $207.12, they should stay the favorite. Weakness below $207.12, and the sellers will become the favorite.
Be careful out there. The game for the next couple of days will simply be bumper cars. Remember the ticker symbol I shared with you last week that could be the most important ticker symbol of all time?
C…ash
I…is
A…a
P…osition
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
SGY/Long | RBB| Ascending Triangle
SPY: T-Line™ Chart: Needs confirmation
Good Morning, Profit Traders,
Last week I talked about the 34-EMA and the T-Line™ and how I use them together. The T-Line is still above the 34-EMA on the SPY, but the candlesticks are looking very weak as if they are about to let the T-Line™ drop below the 34-EMA.
Two intraday charts that I follow are the 2-hour and 4-hour charts, and on both, the T-Line™ has cut through the 34-EMA and now hangs below.
On the hourly chart, the T-Line™ is only above the 34-EMA because of yesterday’s gap, and it looks as if any weakness today will drop it back below the 34-EMA.
Price action on the 2-hour chart is suggesting that the Bulls are very vulnerable if they continue to hang out below $209.15. Below $207.15 and I’m afraid the Bulls will be in a headlock getting nooggies from the bears.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
INAP/Long | RBB| Bullish J-Hook | PBO Support
SPY: T-Line™ Chart: Needs confirmation
Good Morning, Profit Traders,
Let’s take a look at Friday’s close, Friday’s low was within pennies of a tweezer bottom but more importantly the low was higher than the low Thursday. Friday’s candle closed within Thursday’s candle making it an inside day. Friday’s candle close the gap of May 24.
Based on the morning futures that the Bulls seem to have had a team meeting this weekend and decided they were going to take on the bears $210.95 which may lead to challenging the June 8 high.
At the close Friday the T-Line™/34 EMA trend was still intact. If the Bulls are successful with follow-through $214.00 and $217.00 are possible bullish direction
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
LCI/Long | RBB| Bullish J-Hook | Cup & Handle
SPY: T-Line™ Chart: Needs confirmation
Good Morning, Profit Traders,
Yesterday the market went from an oversold low to a high with an impressive price action candlestick. The SPY in particular went from a low to a high with nearly a three point move in the candle pattern painting a bullish piercing candle and a candle in the belt-hold family. Here at Hit-And-Run Candlesticks and Right Way Options, we realize that price action/candlesticks require confirmation.
Despite the good price action yesterday, one would have thought that we could see a trend reversal in our intraday charts, but we did not. This should cause the savvy trader to have some concern or at least patience until we see the intraday charts with a bullish trend.
There are two major numbers that the Bulls need to capture: $209.36 and $210.15. This may not happen unless the intraday charts see a meaningful constructed bottom. Many times yesterday I pointed to a 30-minute chart and the fact that the T-Line™ was still below the 34 EMA. It would be a win for the Bulls if they could produce enough energy to drag the T-Line™ back above the 34-EMA; unless this happens, the bears stay in charge.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
ABX/Long| T-Line ™ Bullish Trend | Recent break out | Bullish Engulf
SPY: T-Line™ Chart: Price breaking down on daily chart
Good Morning, Profit Traders,
The Shooting Star on the weekly chart of the SPY continues to suggest the sellers have control, and that if the bears take control today of the close, it looks like the $205.00 is on their minds.
On my three line T-Line™ chart price closed yesterday below the 34 EMA with the T-Line™ following close behind. The T-Line™ trend looks as if it’s ready to roll over and hang with the bears for a while.
Just something to think about, like 200-period moving average groupings are in the $202.00 area.
The top leading indexes for yesterday was Silver, Copper, Oil and Gas Drilling, and Gold.
As I’m looking through charts to trade for the next several days, silver, copper and gold stocks are really standing out. I’m seeing a lot of flags and flag breakouts, Morning Star signals and Bullish Engulfs all in bullish formation on my T-Line™ chart.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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