Market Thoughts 7/24/19

Yesterday July 23 the SPY moved higher but not enough to make a respectable close over our 300.05 resistance line. It still stands that the SPY must show bullish power over $300.05 to remain in the bullish game. The 3-bar candle chart shows a nice higher low off the 34-ema and the 50-SMA moving averages. Follow-through above the 300.05 line would create a bullish “w” pattern. You can see how important follow-through is. Weakness below $298.05 would suggest the price is still looking for support and help, the 50-SMA work for the last to such pullbacks. While still on the 3-bar chart, the VXX showed three lower lows while close to a brand new low. The IYT transports closed with a good candle pattern (Doji Continuation) but pegged against the upper wedge line. SMH remains bullish near a consolidation area. Conclusion: with minor pullbacks and profit-taking from bullish runs, the SPY remains bullish. As always trade with caution and be looking for profits.

What We're Trading

✅ Yesterday we had a few new buys and closes. Bought long calls on AMD, and WBA and closed the SPY Puts. AMD closed about even while 💲BABA closed positive 21.2%. CPB closed positive 3.6% and premarket looks as is a bull gap is in order. CSCO down 5% while 💲INTC is up 26%. WBA is even money and OXY -1.5%. 👉For more detail and the full list join us in the HRC trading room #1 Click Here and choose Trading Room #1 Password 8020

😊 Have a great trading day - Rick


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 the QEP (QEP) Quality Entry Patterns). GE, FCX, SNAP, RF, OSTK, MRVL,UAA, CAG, ALLY, MOMO, WBA, LULU    ✅ Check Earnings!

🎯Malcolm .: Posted in room 2, @Rick... I used the LTA Scanner to go through hundreds of stocks this weekend and picked out three to trade:  PYPL, TGT, and ZS.   Quality patterns and with my trading, up 24%, 7% and 12%.... this program is gold.

🎯 Friday 6/21/19  (10:09 am) Aaron B: Today, my account is at +190% since January. Thanks, RWO HRC Flash Malcolm Thomas Steve Ed Bob S Bob C Mike P and everyone that contributes every day. I love our job.

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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.

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DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

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