From member @teeps01 in the trading room: Hi Randy, I have a rut short & it appears to me that there’s +ve divergence on the 4 hour chart with two roughly equal lows today & last week. Could you post an update own chart please as away from pc. Have you reversed here or adding [...]
Despite the SPY's valiant attempt to back-fill today's gap, even if it goes green it still has very significant resistance just overhead: the recently broken uptrend line, where any back-test will provide a very objective short entry or add-on to any existing short position on the SPY or /ES. 60-minute SPY chart below. SPY [...]
Member @Ruben requested a chart update on BA (Boeing Co.). BA is one of the top components of ITA which is the the IShares Dow Jones US Aerospace & Defense Index Fund ETF. In the March 3rd post titled Are The Defense Stocks A Buy?, the bearish case for the defense sector, including my scenario for [...]
XLF (Financial Sector ETF) has hit the first price target, T1 at 23.06, for a quick 3% gain with XLF trading as low as 22.98 so far today. Consider booking partial or full profits and/or lowering stops if holding out for T2 or the potential T3, which may still be added as the official final [...]
I started working on these charts before the market opened so they are reflective of Friday's closing prices & indicate how much downside I expect before any substantial reaction in the major stock indices. Should the markets fail to foil what appears to be likely breakdowns of the bear flag patterns today, QQQ appears likely [...]
A quick (10 min) wrap of the price action in the US stock market over the last week along with some key technical levels to watch for next week & some unusual late-day market action that could be a harbinger of a sell-off next week.
A discussion on the benefits of using OCO (One-Cancels-the Other) orders when swing trading or investing followed by the near-term outlook for the US equity markets via SPY, QQQ & IWM.