The price action of the SPY closed below the T-Line, and the T-Line closed below the 34-EMA. Theinformation I just mentioned has been information I have used for years, and ithas served me well. Not only in the indices but trading charts as well. Thequestion now is how can you use that information.

Yesterday the SPY respected the current bottom and Mondays Hammer candle; The morning futures are up at the moment; maybe there is hope for the bull. BUT the trend in the SPY is still down, for the buyers to get started they would have to close over the Morning Star pattern, above $269.45

(CPB)Hammer/Morning Star Candles

Weare adding CPB to Live Scanner watchlist to be alerted when price action makes a 2-bar high. The 2-bar high will be the alert telling us when there is price action positive follow through. Positive price action may lead to a test of the200-SMA followed by the $40.65 test. Then we will have a weekly RBB set up. CPBwould be a 2-3-month option play. The market is a mess right now and may not bethe best market to trade for most traders, stay cautious.

LTA – Real-Time Stock Scanner

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