The SPY has Traded Narrowly for the Past Six Days
[social_sharing style=”style-4″ fb_like_url=”https://www.facebook.com/HitandRunCandlesticks” fb_color=”dark” fb_lang=”en_GB” fb_text=”like” fb_button_text=”Share” tw_lang=”en” tw_url=”https://twitter.com/ricksaddler” tw_name=”Rick Saddler” tw_button_text=”Share” g_lang=”en-GB” g_button_text=”Share” alignment=”center”]Traders are on the edge of their seats waiting for the trading range to break one way or another. The SPY has traded narrowly for the past six days. In that six days, price has 
formed a Shooting Star and a Bearish Engulf wich suggests price should be under more pressure than it appears to be.
Looking at the big picture the SPY has broken out of a Bullish “W” pattern and is now consolidating. Below $237.81 $236.50 should be tested with the p[ossiblility of $235.25. Above $239.00 and the Bulls should be able to run higher.
With the likes of Apple and Facebook reporting plus the FOMC report surely this range will break one way or the other.
FREE Trade Idea – LVLT
LVLT– Broken out of the January highs and a Bullish “W” pattern. Rallied with a T-Line Run, yesterday the Bulls made good use of the Bullish Flag.
Charts to Learn From – MKSI
MKSI- On April 20, 17 we posted to our subscribers that MKSI had a Bullish look. Price has pretty much consolidated the past three months. Then presented us with a double bottom. A breakout over $70.00 would send MKSI into the $80.00 range. Currently, MKSI is up 16.60% from our post. Using a stop of about $77.75 and a breakout of $80.50 MKSI could see another run.
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What is a Trade Idea Watch List?
A trade idea watch list 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 30 days for example.
From that watchlist, we wait until price action meets our conditions for a trade.
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