HBI Painting a Reverse Scoop

HBI is painting a Bullish Reverse Scoop pattern inside an (RBB) Rounded Bottom Breakout pattern. With the (RBB) pattern we are looking for the price action and trend too and through the Dotted Duece moving average and then follow through to the 200-SMA. Of course, normal price action will occur. The Reverse Scoop patterns is a Bullish reversal pattern that occurs, not always but mostly at the bottom. Take a good look at the Reverse Scoop pattern, 99% of the time you will also see a Bullish Inverted Head and Shoulder pattern.

Remember to check out the TV2020 blog for the trade plan. FACT: Education is the key to trading success.

SPY • T-Line Run In Play

Wow was yesterday a good day or what!, If you missed it check out the trading result on our website.

The SPY posted another higher close, as well as its friends, QQQ, IWM, and the DIA's, are looking good with the futures this morning. In the SPY the higher highs and higher lows are working, and the T-Line Run is in play. The next number for the buyers to attack is about the $277.80 area, and support is about $273.05

VXX – (No change) The Red, the White and Blue indicator is signaling there is no fear in the VXX chart. Price is in a T-Line run down.

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