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Still no real direction even with the futures being up this morning. Honk Kong is taking some of the concern off the table for the market but is it enough for the charts. Looks like we are receiving a price gap up this morning above the 34-EMA and below the 50-SMA, the end of day price action could be very important to the charts. A close above $294.00 would show positive bullish intent. While a close below yesterday’s Doji $290.45 would show bearish intent. I still suspect more chop and indecision awaits us, swing traders.
Bullish Mat Hold Pattern: Any wrestling fans out there? When you think of the Bullish Mat Hold pattern, think of the bears as a determined but fatigued wrestler, trying to hold the bulls to the mat. After gaining control of the bulls, they make a few short pushes to lower the price, but they are ultimately defeated. They simply can’t match the bulls’ tenacity! Although the Bullish Mat Hold is known to be trustworthy and true, it occurs infrequently. For help spotting this bullish continuation pattern when it does make a chance appearance, review the information below and keep your eyes peeled! .Read More Bullish Mat Hold Pattern.
The I path Series S&P 500 VXX Short Term Futures ETN. A close today above the 34-EMA keeps the VXX in a bullish chart pattern, a close above $28.85 would spark fear.
✅ For your consideration: Here are a few charts I thought should go on the watch-List, remember to trade your trade. MLM, WB, SUM, DVAX, WDC, CVS, Trade smart and wait for the QEP→ (QEP) Quality Entry Patterns). These Trade ideas are not recommendations.
😊 Have a great trading day – Rick
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