The market (SPY), For the most part, a very uneventful day yesterday, the market didn’t seem to care about 5% of the world oil being blown up. Perhaps the market will be more interested in the possible .25 point cut. The close yesterday like previous 12 days were all above the T-Line, we call that a T-Line Run. A close below the T-Line, the sellers, could take us to about $297.00, a bit more and the 50-SMA become vulnerable. Currently, the Bulls still outnumber the Bears; you can see this because of the trend and price action is still above the trends and moving averages. The T2122 chart is running high in the overbought area and has failed to make a higher high compared to the last three runs. (Looking at a 3-day chart)
J-Hook Continuation Pattern While there are several continuation patterns in trading, the J-Hook Continuation Pattern is one that is a very decisive and can be easily identified since it forms the letter J. If the chart pattern is followed, entered at the right time and unfolds as expected, it can be very profitable. J-Hooks may also be called by other names like Thunderbolts and 123 formations.
There are three necessary parts to the pattern 1) a strong upward move in price 2) a pullback and 3) an up move which should continue into a breakout above the previous pivot high in price to complete the pattern and continue the uptrend. Figure 1 presents the three price movements that take place as a J-Hook develops.
TheThe I path Series S&P 500 VXX Short Term Futures ETN. The VXX closed below the T-Line (bearish), closed with a Doji on the 2-day chart. The VXX is also near support. Always trade with caution.
For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. XON, FTCH, CIEN, WWE, ALKS, LMT, CLDR, GWRE, BKI, MASI, V, TRI, BURLTrade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.
😊 Have a great trading day – Rick
🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.
🎯 Dick Carp: the scanner paid for the year with HES-thank you
🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.
🎯 Bob S: LTA is incredible…. I use it … would not trade without it
🎯 Malcolm .: Posted in room 2, @Rick… I used the LTA Scanner to go through hundreds of stocks this weekend and picked out three to trade: PYPL, TGT, and ZS. Quality patterns and with my trading, up 24%, 7% and 12%…. this program is gold.
🎯 Friday 6/21/19 (10:09 am) Aaron B: Today, my account is at +190% since January. Thanks, RWO HRC Flash Malcolm Thomas Steve Ed Bob S Bob C Mike P and everyone that contributes every day. I love our job.
Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.
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