More Chop, No Direction

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The market (SPY), More chop and no direction, Friday the buyers had a chance to break out and stay out of the sideways channel they have been playing in, but instead, they started the day with a bullish bang and ended with a fizzle. Here is Tuesday morning after a 3-day weekend and the futures are pointing to a weak open possible below the 34-EMA. The question for the day is where we will close for the day? A close above $ 292.15 we would consider cautiously bullish and below $290.60 bearish

Bearish Dark Cloud Cover Pattern: Do you have an umbrella handy? When dark clouds are on the horizon, you know that a downpour could soon be on the way.

Similarly, when you spot the Dark Cloud Cover pattern on a Japanese candlestick chart, you need to anticipate the arrival of a bearish reversal. This candlestick pattern is somewhat easy to spot because its formation clearly reflects its name: at the end of an uptrend (i.e., a sunny day), a black candle appears (a "dark cloud"), heralding a reversal. Let's learn a little more about this ominous signal... .Read More Dark Cloud Cover Pattern.

The I path Series S&P 500 VXX Short Term Futures ETN.  A close today above the 34-EMA keeps the VXX in a bullish chart pattern, a close above $28.85 would spark fear.  

😊 Have a great trading day - Rick


September 3, 2019, No Trade Ideas Today. Trade smart and wait for the QEP→ (QEP) Quality Entry Patterns). These Trade ideas are not recomendations.

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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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