Support And The 50-Day Simple Moving Average
The SPY was protected by the support and the 50-Day simple moving average when price slipped through, and the Bulls caught it before a full out runaway. Never the less we still have lower highs and lower lows for about the past 2 weeks. I see support in the $240.40 area followed by the $237.60 area. Resistance is the $242.75 area.
Closed Positions
IMFN ½ for a +18.71%
UVXY ½ for a +24.06%
Free Trade Idea – No Free Trade Idea Today
For members, we do have 13 trade ideas that we will cover from our members master list between 9:10 Est. to market open.
From our Members Watch-list
SCSS is up 17.88% from our members only post on June 2; The Bulls moved it 11.32% yesterday.
Hit and Run Candlesticks Trade Ideas -vs.- SPY Last 7 Bars
- HTZ +31.26%
- CARA + 30.82%
- VRX +26.54%
- SPWR + 23.57%
What is a Trade Idea Watch-list?
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.
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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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