Cup and Handle Looking for A Breakout

Weekly Cup and Handle chart pattern looking for a breakout. There have been several price test of the $3.75 area, with the May and July consolidation and the Bullish Engulf 3 weekly bars ago the breakout may be coming. The daily chart shows a gap, and a 45 degree T-Line run with the last 5 bars drawing a Pop Out of The Box Pattern.

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SPY • Acting Lazy

APPLE reported last night, and we hear from the FOMC today. The early morning futures don’t seem very excited, more like let’s wait and see. The last four trading days for the SPY has been at best lazy. The SPY is currently standing on a support line ($279.25)waiting for the price to take action if the price does not $279.25 the next good support I see is $275.75. A price breakout of $284.00 would mean price is planning on challenging January 26 high.

****VXX – The VXX chart is still trying to put a run together, over $32.60 would get some attention.

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