Resistance Breakout Today

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At hit and Run Candlesticks, we focus on Stocks / Simple Directional Options

The market (SPY), With futures up this morning on Trade Talk meetings and some Hong Kong headway we will see a breakout of the early August resistant level. And I am sure you know how crucial bullish control and follow-through is. Bullish follow-through above about $294.25 could run back price action into the $300.00 area for a July high challenge. Please note this is all based on the bulls taking the ball back. We are only one tweet away from 300-500 point moves in this crazy market. If you follow the T-Line Bands the SPY weekly chart, you can see the last 5 bars testing the lower red line, challenging the mid-blue line.

Trading The T-Line Trading the T-Line, also known as the trigger line or trend line, works well for all trading plans and investment strategies. If you want to embrace this strategy, look into (what I call) the T-Line run. T-Line runs can be very profitable if you know how to identify them and use them properly. Curious? Read on to learn more about the types of T-Line run, get some helpful application tips, and learn how to confirm your trades to make smart entrances and exits. Trading The T-Line

The I path Series S&P 500 VXX Short Term Futures ETN.  The VXX weakness yesterday closed below the 34-EMA, and today the bearish price action in the VIX should pull the T-Line down with it. The price action the vix is demonstrating the lack of fear trader now have.

Trade-Ideas

For your consideration: Here are a few charts I thought should go on the watch-List, remember to trade your trade. SFM, CVS, COST, SHAK, TLRY, PG, CMG, ZAYO, UPS, KR. Trade smart and wait for the QEP→ (QEP) Quality Entry Patterns). We do not recommend stocks to trade

😊 Have a great trading day - Rick

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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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