SPY- Bullish Engulf with Positive Follow Through – at Resistance (Caution)

From a bull’s eye SPY:

The 2-day chart on the SPY has produced a Doji Bullish Engulf with positive follow-through bouncing off the 34 EMA and closed over the T-Line at $236.29.  I have the resistance line about $236.70 right at the open of the March 10 candle.

On the one hour chart, the 200 SMA has proved to be resistance for the last bars, and the T-Line is still below the 34 EMA on the 4-hour chart.  For traders that follow the cloud, leading span A has crossed below leading span B with price currently trapped in the middle.

Fridays no trade idea – A good day to reset yourself

Reflect on your trades “winners and losers” clean up your watch list, Start a new watch list for next week and relax.

EXTR up 50% after our Comments

(EXTR) Extreme Networks Inc. was a Hit-And-Run Candlesticks members trade idea on January 9 – EXTR gapped yesterday giving the trade a 50% run with plenty of swings for the swing trader to capture profits.  In the chart I see support, a trend, bullish price action the T-Line and the T-Line pairs all working in the traders favor.

Traders tip – Take a peek at the two and three-day chart

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Candlestick Patterns

To amateurs and unaware young traders, the fact that candlesticks play an important role in the world of swing trading may seem absurd. How could candlesticks and the stock market possibly be related? However, the key lies within the shape of a candlestick, which resembles a very old and reliable Japanese method of graphing stocks. Known as Japanese candlestick charts, these graphs are reliable and easy to read. They allow traders to visually detect selling pressure and buying pressure by studying informative candlestick patterns. Read More.

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