Hanging Man Confirmed Tuesday
Tuesday we saw the SPY sell off confirming the Hanging Man Candle and another failed attempt for the bulls to control price action above both the 50 and 200-SMA’s. The futures this morning will be punishing most long positions held. Taking a look at the weekly SPY chart, I can see a tight nasty Blue Ice Failure set up, (keep in mind follow-through is required). 2016 was the last time price action of the SPY was near the 200-SMA on the weekly chart, and it’s starting to look like a future test is in the game.
(BAC) Weekly Blue Ice Bearish Engulf
The weekly chart is showing a Bearish Engulf and a Blue Ice short set up which could be pointing price to the 200-SMA or about $21.70. We are adding BAC to the LTA-Live Trading Alerts Real Time Market Scanner watchlist for management and buying alert. I will consider BAC Jan 18, 2019, $28.00 PUT.
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****VXX – Bullish Morning Star closed over both the 50 and 200-SMA
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