SPY Is Range Bound Near It’s 23.3 Fibonacci Retracement Line

(SPY) The SPY is range bound near it’s 23.3 Fibonacci retracement line. 4 out of 5 candlesticks closed below the T-Line last week while all 5 of last weeks  candlesticks closed above the 23.6% Fib. Line. The Bearish Engulf on the 3-day chart still weighs heavy on the next 2 following candles, they both have closed below $243.50 and the Bearish Engulf 50% line. The Bulls need to challenge and win the $243.50 line to put a new high challenge together.

Free Trade Idea – IPI

IPI (Intrepid Potash Inc.) Was first a members trade idea on May 16, 2017, and as of Friday’s close up 10%. On the monthly chart, I see support above the bottom construction. On a 3-day chart, IPI is An RBB pattern with a Bullish Engulf on the Dotted Deuce.

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Conditions For The IPI Trade

• RBB setup 3-day chart
• Bullish Morning Star Daily
• Trending
• Big Three Engulf
• Swing or swings: 30% Plus

From our Members Watchlist

PI is up another 42.97% from our members only post on May 8, 2017; PI popped 7.58% Friday with a breakout, flag, breakout. Know how to get aboard a trending stock is an art that can be learned, something we teach every day in the trading room

Hit and Run Candlesticks Movers – SPY VS Members List Last 7 Bars

• IMGN +33.77%
• CARA +32.30%
• VRX +30.36%

What is a Trade Idea Watchlist?

A trade idea watchlist is a list of stocks that we feel will move in our desired direction over a swing trader’s time frame.  That time could be one to 15 days for example. From that watchlist, we wait until price action meets our conditions for a trade.

MEMBERS ONLY

Investing and Trading involve significant financial risk and are 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.