More Volatility Likely

FOCUS: Stocks/Options Tuesday 8/13/2019; The recent volatility is likely to continue unless the China trade war can be solved. A few other problems are Iranian aggression, North Koreas missile firing and slowing global growth.

(SPY) Yesterday we closed below our $288.90 line shown to Hit and Run Candlesticks members. With a close below $288.90, I now see a path to $285.10 in the coming days with the possibility of a one or two-day relief rally which would set up a short trade. The loss of $285.10 would set a test up for the August lows ultimately price searching out $279.00 which is the 200-SMA on the daily chart

On the bright side, there is always the unlikely possibility of a bull run, under $273.75 the bulls are underwater with rocks in their pockets. At this time, over $293.75 would put the price back in the bands and bullish pattern position.

The VIX-X CBOE Market Volatility Index popped from Fridays Doji up over 17% closing near resistance. Over $21.85 should challenge the recent highs and below $17.85 would suggest the fear is backing off and the market bulls will try to rally.

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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). FB, CERN, AWI, GPN, TSS, SMAR. Chart discussion 9:10 AM Eastern.

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