Classic Blue Ice Failure
MARRIOTT is a classic Blue Ice Failure that has failed to use the upper T-Line Band to find a bullish territory. Price has repeatedly failed the upper band and yesterday closed below the lower band and the 50-SMA. Weakness from here and in the market could force MAR to test the February lows then about $117.30
We will discuss the trade details with Trader Vision 20/20 in our Members Morning Prep starting at 9:10 EST this morning.
Hope to see everyone at the members morning briefing 9:10 EST today.
►Event Calendar Stay Informed
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►SPY Up Date
Yesterday’s price action and Bearish Engulf did not end well for the bulls. The probability is pretty high we see a lower low today. Most important is the $270.90 area. If the Bulls can not defend their mountain, the bears will attack $265.95 then $262,00, then the February low. Between yesterdays close and $270.90, there is plenty of support if the bulls want it, but they will have to take it.
►Learn Our Tools and Trading Techniques
On February 15, Rick shared MOYK as a trade for members to consider and how to use the trading tools listed below. Currently, the profits could have been about 14% or $725.00 with 100 shares. Using our Simple, Proven Swing Trade Tools and techniques to achieve swing trade profits.
Candlesticks • Price Action • T-Line • T-Line Bands • Support • Resistance • Trend • Trendlines • Chart Patterns • Buy Box • Volatility Stops • Profit Zones • Entry Zones • Protective Stops • RBB Rounded Bottom Breakout Strategy • Pop Out of The Box Strategy • Pinball Strategy • Trade Planning
►The VXX short-term futures
The VXX printed a Bullish Morning Star and closed above the Lower band, bullish follow-through over the next day or so would indicate increased fear in the market.
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Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.
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