NEOT/LONG |RBB | Morning Star|
SPY: High resistance $210.92 | High support near $207.87
T-Line™ Chart: Trending bullish | Candle price action week
It would appear that the Bulls had a little trouble getting through our $210.92 resistant line yesterday and closed for the day down .19%. Yesterday’s candle opening above Friday’s candle and closing below the 50% mark of Friday’s candle is alerting us that a little back filling may be needed. Along with the $210.92 resistant line that we have been posting, we also have been posting a support line at $207.87 which has a high probability of being tested. Using our T-Line™ chart, the swing trend remains bullish while price is demonstrating a little weakness. Without a complete confirmed sell signal or a breakdown of the supporting swing trend, we will remain bullish looking for pullback opportunities (PBO’s) while taking on a couple of trades that will work with the sellers such as the TZA trade that we took yesterday with the intention of profiting on a short-term relief rally.
For about a month now we have talked about how important $207.00 is for the Bulls and the bears. Here at Hit-And-Run Candlesticks, we will be watching this line with an eagle eye.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Continue Reading
Rick’s Featured Trade Ideas
CLDX/LONG |RBB | PBO flag|
SPY: High resistance $210.92 | High support near $207.87
7:00 am: T-Line™ Chart Bullish Friday’s close ahead of the memorial day weekend closed bullish up .43% just pennies away from the April 20 high. Technology has led the way followed by healthcare and the financials hold third-place. Basic materials brings up the rear of the 11 sector indexes I follow.
The leading sector for Friday was consumer cyclical up .80% while the loser was basic materials down .63%
The T-Line™ chart continues remains bullish with the T-Line™ leading the 14-SMA and the 14-SMA leading the 34-EMA. The SPY is getting a little overbought but no price weakness showing at Friday’s close.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Continue Reading
Rick’s Featured Trade Ideas
No featured trade idea today….. It’s Friday!!!!! Take some profits, reevaluate your positions.
Remember why we have the freedom to trade the way we do. Take a minute this weekend, stop and say thank you, leave a flower or raise a glass to someone you know, a friend, anyone that has a connection to those that have fought for our freedom.
SPY: High resistance $210.92 | High support $207.87
7:00 am: T-Line™ Chart Bullish even with a minor pullback
Pretty quiet day yesterday. The SPY closed up .03% in a very narrow range painting a Doji at the end of the day. The T-Line chart has confirmed our short-term bullish trend and price continues to support this trend as well. Yesterday was the second day that the SPY could not push above the $209.76 resistance line, which will no doubt start to make swing traders a little concerned. A pullback to $207 would be a perfect swing trader’s trade, and we would accept $206.25 reluctantly. The candle pattern currently painted is what we call a “Doji continuation pattern.” This pattern is when you have a sharp rise in price and then the next day print a Doji at the high end of the previous day. Trading tip: candlestick signals require confirmation. A bullish push above $209.76 would no doubt cast the April 20 highs.
Top sector leaders yesterday were Utilities, Consumer Defensive, both Les the 1%. The two sector losers also both by 1% Energy printing a bearish dark cloud cover candle and Financial Services also printing a dark cloud cover candle.
Luxury Goods fell by 4.20% – ouch | technology computer Systems rose by 2.44%
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Continue Reading
Rick’s Featured Trade Ideas
WLL/LONG |Higher lows | Bullish “w” pattern | Cleared the 200-sma|
WLL| Plan your trade & trade your plan | May 26, 2016
Possible entry plan idea: Buy box $11.74- $12.70
Possible stop plan idea: Protective below $11.74
Swing trade playground: $11.74- $17.80=51%
Playground risk reward: 11:1 + depending on | entry | exit | stop
SPY: 209.76 is an important level to beat
7:00 am: T-Line™ —–> Chart is Bullish
Yesterday, the SPY closed at $209.28, up .68% for the day and up 2.49% from May 19th or the past five days led by technology, healthcare, financials and energy comes in fourth. The Bulls managed to close over the May 11 high or $208.50. As long as they can keep this run, the next hurdle for the Bulls will be a climb over $209.76.
The T-Line™ chart price has definitely crossed to the bullish side the past two days, and the T-Line™ has now crossed over. As of today May 26, 2016, a pull back to $206.25 would be acceptable for the Bulls, but a max pull back to about $207.00 would be preferred.
Trading knowledge ignites successful trading.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Continue Reading
Rick’s Featured Trade Ideas
RAS/LONG |RBB| Bottom support / Bullish Engulf | Consol. Breakout
RAS| Plan your trade & trade your plan | May 25, 2016
Possible entry plan idea: Buy box $3.11- $3.35
Possible stop plan idea: Protective below $3.11
Swing trade playground: $3.11- $3.75=20%
Playground risk reward: 5:1 + depending on | entry | exit | stop
SPY: 208.50 new important level
7:00 am: Simply put, yesterday was a great day in the market
At the end of the day, the SPY closed up 1.3% after gapping from an inside day creating a bull kicker-type candle pattern. With a close over $207.00, the Bulls are in a good position to challenge the May 11th highs. Yesterday’s volume was greater than the previous day, and yesterday’s volume closed over my 25-day simple moving average. IWM also closed over a very important bear level.
Remember that price action is king, and it’s always best to follow what it’s doing. Following candlesticks is a great way to always have a feel of the market attitude.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Continue Reading
Rick’s Featured Trade Ideas
PTLA/LONG |RBB| H’er H / H’er L | T-Line™ Run | 3-D Piercing Candle
PTLA| Plan your trade & trade your plan | May 24, 2016
Possible entry plan idea: Buy box $25.23- $26.88
Possible stop plan idea: Protective below $25.23
Swing trade playground: $25.23- $33.30=31%
Playground risk reward: 9:1 + depending on | entry | exit | stop
SPY: Can the Bulls keep their pre-market move going?
7:00 am: Morning futures taking on the upper trend line.
The SPY traded in such a tight trading range yesterday that one has to ask, “Is everybody on vacation?” No, everyone’s not on vacation. The market has just not made its mind up whether the Bulls or the Bears are going to take charge and lead. Most chart technicians can make a Bullish or a Bearish argument on the SPY chart, such as most technicians can see the bearish head and shoulders formation, but there is yet to be a breakdown below the neck line. Most bullish technicians know this recent pullback has found support near the 23.6 Fibonacci retracement line and that the Bulls are simply building an army. What all chart technicians agree upon is that price needs to break above the upper downtrend line and clear the $207.00 area that Hit and Run Candlesticks has been talking about for about the past two weeks.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Continue Reading
Rick’s Featured Trade Ideas
ALKS/LONG |RBB| Morning Star | Flag PBO |
ALKS| Plan your trade & trade your plan | May 20, 2016
Possible entry plan idea: Buy box $40.16- $43.79
Possible stop plan idea: Protective below $40.16
Swing trade playground: $40.40- $55.75=38%
Playground risk reward: 9:1 + depending on | entry | exit | stop
SPY: T-Line ™ chart suggest the sellers are in control.
7:00 am: Price is still in the sellers’ channel
just as we expected and just as we posted right here on Friday morning before the market opened. “Bounce and relief rally likely,” and the SPY closed up on Friday .63% at $205.49, still closing below the 50-day simple moving average and still in the sellers’ channel.
The sellers remain in control and will remain in control unless the buyers can control the $207 area, which would put them above the downward channel. From a bullish angle, price has found support above the 23.6 fib line, and if you go back to April 1, the buyers have refused to give that line up. This is the main reason I have been watching and creating a watch list for long trades. Typically speaking, if a pullback can hold above the 23.6 retracement line, that pull back is minor and not chart destructive. On the other hand, if the sellers take control of the 23.6, this will put the 38.2 under scrutiny and that may be playing too close to the edge.
We highly recommend caution and to even consider that cash is a position. Most of all, we believe having a plan is the key to success. Taking the one or two minutes to create a trading plan is worth every penny.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick
Continue Reading
Rick’s Featured Trade Ideas
WMB/LONG |RBB| Bullish Engulf | T-Line™ Bounce | H’er Highs and H’er Lows
WMB| Plan your trade & trade your plan | May 20, 2016
Possible entry plan idea: Buy box $21.54- $22.14
Possible stop plan idea: Protective below $21.54
Swing trade playground: $21.62- $29.85=38%
Playground risk reward: 17:1 + depending on | entry | exit | stop
SPY: T-Line ™ chart suggest the sellers are in control.
7:00 am: Bounce | Relief rally likely today
The SPY has been trending down since the Bearish Evening Star April 20. With a series of lower lows and lower highs, yesterday’s trading closed down .35% and closed with a lower low Doji. As I mentioned yesterday in the trading room and at last night’s webinar a bounce/relief rally is very likely today. The $207 level is still very important for the Bulls to gain back and important for the bears to defend. Because of the recent lower lows there is another strategic level that the Bulls need to take back ($207.75) Which would also challenge the upper trend-line if the attack was within the next few trading days.
As of the close yesterday the only S&P spider select ETF over the T-Line™ was energy ETF (XLE) and it was not overly impressive.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick
Continue Reading
Rick’s Featured Trade Ideas
WYNN/Short |H&S| BIF | T-Line™ Chart trending down
WYNN| Plan your trade & trade your plan | May 19, 2016
Possible entry plan idea: Short box $91.40- $87.85
Possible stop plan idea: Short stop below $91.40
Swing trade playground: $91.80- $76.20 =16%
Playground risk reward: 7:1 + depending on | entry | exit | stop
SPY: T-Line ™ chart suggest the sellers are in control.
7:00 am: FEDS Hawkish, market down, dollar up, XLF up, OIH down
It doesn’t appear that the market likes the Fed decision of raising rates in June, or for that matter, any time. As of April 20, the SPY has produced lower highs and lower lows. Yesterday confirmed another low swing. The SPY found support near the $203.90 support line, but I am finding it a little hard to believe that $203.90 will actually support price in the current market while in the current downtrend without a major bullish reversal signal.
Based on a couple Fibonacci lines and a little support and resistance work, I see a suggestion that $201.30 may be the next supporting line followed by $199.50-ish.
XLF, the S&P financial ETF, fared quite well yesterday closing with a Bullish Engulf; we still need to see confirmation above $23.27 and a close above the downtrend line overhead.
OIH, the oil services ETF, is forming a bearish pattern that we will be talking more about in the trading room today. USO United States Oil Fund has found the 200–SMA, and we may see a little profit taking from here.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick
Continue Reading
Rick’s Featured Trade Ideas
No featured trade idea today, there is simply too much risk in the market when you combine the FOMC events. Being our own money managers we control, our own risk and our future.
SPY: T-Line ™ chart suggest the sellers are in control.
7:00 am: Yay, FOMC meeting minutes today! This could be a chart game changer.
The SPY remains under pressure yesterday losing .93% and confirming another failed high on high-volume. It’s been almost a month now since we started talking about a possible bearish head and shoulders in the SPY if the Bulls lost the $207.00 area. With $207.00 gone, $204.00 becomes the next possible area of support, and today’s FOMC meeting minutes will play a part in whether $204.00 is controlled by the buyers or the sellers. If the sellers end up controlling $204.00, then the $200.00 area will likely be attacked. If the buyers end up controlling the $204.00 area, we will put our eyes again back on the $207.00 area.
After last night’s members’ e-learning and looking at a few short positions for possible trading, I thought I would look at a few behind-the-scene indicators: On Balance Volume has now dropped below its average; Time Segment Volume has dropped below the centerline; MACD has rolled over.
We suggest you don’t gamble with your money. Remember, cash is a position
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick
Continue Reading
