Starting Wednesday Jerome Powell is on the hot seat in front of Congress. Earnings season is in the air, so let’s dig out our earnings trading rules. Not much change from last week we did close DIS with the intention of buying it back. PFE is stuck in the trending T-Band Trap. We are up 16% on SNAP and SNAP looks like it wants to be above $15.80. TGT finished last week in good shape running up the lower T-Band. X has been a bit of a pain but Friday it did perform well with a Bullish Engulf and on support. A few stocks we are actively trading and happy to share them with you. Note not all trades are for everyone.
Friday the Buyers took control and closed the SPY above the Open Friday, but could not push us above Wednesday’s close. The trend is still bullish as the players try to push the SPX SP-500 across the 3000 line. For the most part, a SPY close above $294.70 is bullish, below $294.70 would set up a lower band line test. Warning – Earnings start this week. That’s right it’s that time again, earnings, earnings, earnings. The VXX has been dead as a doornail; there simply has not been any fear in this market. Seems to be Bulls everywhere don’t know about you but that makes me a little nervous. Still, we trade the charts for short term profitable swings, not predicting what the future will bring without a chart to back it up.
😊 Have a great trading day – Rick
Rick and the HRC Members kick off the trading room starting at 9:10 Eastern We review the market, and today’s trade ideas.
✅ For your consideration: Here are a few charts I thought should go on the watch-List, remember to trade your trade. Trade smart and wait for for the QEP → (QEP) Quality Entry Patterns). SNAP, ZS, CPB, CTL, WP, TROX, GPS, DXC, VNOM, STNG
Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.
✅ A Traders Edge In All Markets
The LTA Scanner can filter out charts that are trending, up or down and alert on charts that have Candlestick signals and patterns, western patterns and when indicators, such as MACD, Stochastics, RSI or Bollinger Bands have crossed or reaches the desired level. 😎 One of my favorites is the T-Line Band Scan. The right tools for the job.
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