With FDX (Fedex Corp) trading down nearly 3% today, I'm guessing the initial results from Cyber Monday are less than expected. FDX will be added as an Active Short Trade here with the first & final target of T1 at 145.27. Additional targets (T2 & T3) may be extended to this trade should the broad market confirm. The break below both of these uptrend lines (wedges) on the daily chart, along with the bearish technical outlook on the weekly chart, is the primary reasoning for establishing a short position in FDX at this time. Suggested stop over 167.50.
Trade Setups are potential trade or longer-term investment candidates that are setting up in a well defined chart pattern. Once/if the pattern triggers (i.e.- a break-out or break-down), the trade idea will become an Active Trade until either the price target(s) are hit or the trade is stopped out. However, some Active Trades will also remain in the Trade Setups category after triggering an entry as long as the trade still provides an objective entry. Therefore, many trades on this site will often be assigned to multiple categories.
I’ll be leaving town for the remainder of the week & don’t plan to post any market or trade updates until I return. Even if I wasn’t leaving town, as I’ve stated several times in the Trading Room recently, that the abbreviated Thanksgiving holiday trading [continue reading…]
With UWTI currently trading at 7.55 in pre-market, an opening gap above both R1 & R2 is likely. If so, that will also trigger the bullish cross on the 13/33-ema that I was looking for. Therefore, unless this pre-market rally in crude is faded after [continue reading…]
Despite the low-volume pre-holiday trading session, the Q’s couldn’t have traded off the technicals any better so far today. The first chart below is the 15-minute chart of QQQ posted on late Friday morning along with today’s updated chart. Since Friday’s chart was posted, the [continue reading…]
This 15-minute chart of QQQ highlights several key near-term support & resistance levels. A solid break above the R2 level (114.80) would likely open the door to a re-test of the early November/all-time highs while a solid break below the downtrend line and the S2 [continue reading…]
Following the expected reaction of the top of the T1 zone, GDX is now approaching the bottom of yesterday’s gap, which was one of the likely pullback targets posted yesterday. While that is the most likely end-point for a pullback, the former R1 (now S1) [continue reading…]
QQQ has just matched it’s earlier highs from the pre-market session today and has once again, met the price projection from this potential ABC pattern. So we’ve already had the typical OpEx week ramp so far this week, the big question with the trading week [continue reading…]