Several Members Already Short CAT

Several of our members have already shorted CAT, and it looks like below $143.00 they will be well paid. And below the 200-SMA the next strong support is in the $115.00 area. Short-term bearish chart patterns and the south trending moving averages are chipping away. Below the 200-SMA we could see a meltdown.

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SPY • 28 Days and 2 Fib. Lines

From the 2016 bullish breakout in the SPY and the February 2018 high using Fib. Lines we can see that the SPY has “basically” been trading between the 23.6%  and the 38.2% retracement for the past 28 days. Our triangle wedge is getting tighter and tighter. Yesterdays close and it looks as if today’s open will test the lower line. The 38.2% Fib line is sitting at $257.70 which is also where the February and April lows found support. Bottom line is the SPY has made three major failed highs and currently below the 50-SMA, with our trending moving averages pointing lower. We all know the market has been a bit hard to trade recently, we also know “above the 38.2% retracement” a chart is not in real trouble. If the buyers can’t put a game together, we will test the 38.2 ($256.70) again.

The VXX still hovering above the 200-SMA, let me know when it gets above the 50-SMA.

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Testimonial

I have been a member of HRC for five years, RWO for three years. I applaud the efforts of all coaches Rick, Doug, Ed and Steve (also fellow members) in helping me become a better trader than I was starting out and I am still learning. Doug reinforces the “Price is King” mantra every day since we traders tend to forget it in the midst of finding the next ‘sure thing’ indicator. Rick, will make us sometimes answer our questions to foster the thinking and quicken the learning process. Over the years, I have been in many trading rooms. I am here to stay. This room and its members are the best. Period!

Fred Narielvala

Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. is financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.

Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.

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