Weekly RBB Set To Challenge Dotted Deuce

On the weekly chart, VIAB is set to challenge the Dotted Deuce at about $34.50 (14%). On the daily chart look between late July and now and you will be able to see two good bullish pops with healthy consolidation. A breakout out of the current consolidation about $30.85 could be the trigger that takes price to one of the swing target zones $34.50. Followed by the next swing target zone about $43.50. There will be minor PBO’s along the way.

Past performance is not indicative of future returns

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SPY • Hammer Follow Through?

Yesterday a Hammer was painted with the handle bottom working with the 34-EMA for support. At the close, yesterday price action was still in the arms of the seller another lower high and a lower low. If today’s morning futures can stay positive there is a high probability price will challenge the $284.25 area.

The T-Line

We will take a Bullish stance when price closes above the T-Line, this will put price action in the first position with the T-Line supporting below. Watch for the first few price pullbacks for a test and follow through.

Conclusion

The futures are flexing there muscles as I write this blog, anything can happen to be now and the open. Right now it’s up to the buyers to come together and guide price up over the T-Line with a positive close.

****VXX – Let’s not count the VXX out just yet, the price should pull back to the T-Line today. Note the T-Line is still in a baby trend.

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