The market (SPY), The SPY broke out yesterday and held its ground yesterday, closing above $294.25. Resistance has now become support. A challenge of all-time highs is now back on the table with follow-through from the market. Back below $294.25 would be a different story. Yesterday in the trading room we saw tons of profit scooped up by members, myself included because of the gap up and the possibility of a Friday rest day, yesterday was a great day! KO up 22%, WDC up 51%, MU up 30%, up 27% WMT. We will be watching for new setups that have pulled back to or near support that has met our conditions for trade. Right now the SPY is a bit high, T2122 is overbought, caution not to chase a trade, make them come to you.
Trend Reversals: A trend reversal does not mean that the prices will reverse (as you might be inclined to think). Instead, it indicates that the prior trend should change. The prices may reverse as well, but the trend’s direction is the important thing here. A trend reversal pattern is considered successful if the trend changes after the pattern appeared, whether the trend changes from upward to downward, downward to sideways, sideways to upward, etc. Read more about Candlesticks and Trend Reversals
The I path Series S&P 500 VXX Short Term Futures ETN. Price action has dropped below all out T-Band trend lines suggesting the last few days lacked fear. The VXX is now approaching a little support, with the right price action, we could see a T-Band challenge.
Ya baby it’s Friday! For Hit and Run Candlesticks, Friday’s are more about profit-taking and getting ready for the weekend. There are no watch-list updates on Fridays. We wish you a fantastic weekend.
😊 Have a great trading day - Rick
🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.
🎯 Dick Carp: the scanner paid for the year with HES-thank you
🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.
🎯 Bob S: LTA is incredible…. I use it … would not trade without it
🎯 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.
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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