Weekly Rounded Bottom Breakout on NBR

The weekly Rounded Bottom Breakout on NBR caught my eye before the market closed yesterday. The weekly Red White and Blue indicators have turned up nicely, and the daily chart has been trending. On the weekly chart, I can see an “Inverse Head and Shoulder” Bullish Morning Star and a Flag. The first target zone is about 23% away, and the last one is 115% away.

We will cover more details about stops and entries in the HRC trading room. Live Members Morning Prep with Steve Risner at 8:45 AM Est. And Rick Saddler at 9:10 am this morning.

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SPY

The buyers are a bit skittish of the Evening Star that printed earlier this week. Yesterdays bullishness tried to recover but met intraday resistance when trying to overcome the full gap and star. The T-Line and the center peak of the “W” pattern have performed well the last two days as support, so the questions are will it continue to perform. Overall I remain bullish with price action still holding above the 23.6 Fib line of the recent run. Below $270.15 the $267.55 area should get tested.

VXX closes below the T-Line and gives no help to the recent Bull Kicker.

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