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SPY Trendline Backtest Would Mesh With QQQ IHS Scenario

Should QQQ continue about another 1% or so lower before reversing to form the RS of the IHS pattern outlined earlier, that would mesh with this scenario of the SPY (S&P 500 tracking ETF) backtesting this 15-minute downtrend line before resuming the near-term uptrend. Such a backtest would also provide an objective long entry with a stop somewhat below. SPY 15-min April 6th

2018-04-06T11:29:55+00:00 Apr 6, 2018 11:29am|Categories: Uncategorized|2 Comments

CVS Fails to Breakout, Trade Setup Removed

The CVS Long Swing Trade + Growth & Income Trade setup that was posted on March 8th managed to rally as high as 69.56, effectively testing but failing to surmount the 69.60 resistance level or the 66.66 buy trigger for a long position, with the stock rejected impulsively off that rally into resistance. As with any trade setup that does not breakout & trigger an entry, this was simply a potential trade setup that never morphed into an Active Trade. As the charts of CVS no longer look compelling at this time, this trade setup will be removed & assigned as an [...]

2018-03-20T10:53:08+00:00 Mar 20, 2018 10:53am|Categories: Uncategorized|Tags: |0 Comments

CVS Swing Trade + Growth & Income Trade Setup

Member @murphydoc requested an opinion on CVS (CVS Health Corporation) in the trading room & as a meaningful reversal & rally in the stock appears to be close at hand, CVS will be posted as a both a Long Swing Trade Setup as well as a Growth & Income Trade setup (descriptions of each trade category can be found at the top of each trade category located under Trade Ideas on the menu bar). CVS appears to have come full circle since the first chart below was posted in the Oct 4, 2016 post- Pharmacy Benefit Managers Poised for a New [...]

2018-03-20T10:53:37+00:00 Mar 8, 2018 12:13pm|Categories: Uncategorized|Tags: |0 Comments

Gold, GDX & US Dollar Analysis

The momentum indicators continue to lag behind gold prices as GLD (gold ETF) pushes higher within this 60-minute bearish rising wedge pattern. GLD 60-min Jan 16th The recent breakout in EUR/USD has occurred with potential divergences forming on the PPO & RSI which increases the chances that this breakout might soon fail, sending the EUR/USD lower along with gold & other dollar sensitive commodities. Daily chart: EUR-USD daily Jan 16th As with gold & the EUR/USD, negative divergences are also building GDX (gold miners ETF) as it approaches resistance. EUR-USD daily Jan 16th Note: The [...]

2018-02-12T17:45:17+00:00 Jan 16, 2018 10:01am|Categories: Forex (Currencies), Gold & Commodities, Uncategorized|Tags: , , , , , |0 Comments

MJX New Marijuana Stock ETF, Don’t Let The Chart Fool You

Member @murphydoc inquired as to whether or not the new cannabis stock etf, MJX (ETFMG Alternative Harvest ETF), looked like a buy at current levels. At first glance of the chart, I immediately noted some fairly well-defined support & resistance levels as well as potential negative divergences building between prices & the momentum indicators on the daily time frame. Not being familiar with MJX, I did a web search & discovered the following (my reply to @murphydoc copied & pasted below): Q: Is MJX a marijuana ETF? Do you think that is a buy? A: I wasn’t aware of that one [...]

2017-12-27T15:27:39+00:00 Dec 27, 2017 3:27pm|Categories: Uncategorized|Tags: |4 Comments

Gold, Euro & US Dollar Analysis

Member @dazi requested an update on gold & the precious metals mining stocks. My recent outlook for gold has been largest based off my analysis & bearish outlook for the EUR/USD (Euro/U.S. Dollar forex pair). Since the last update, EUR/USD reversed exactly off the bottom of my bounce target zone while not coincidentally, gold futures (/GC) reversed exactly off the lower most bounce/reversal targets that we also posted last week. Pretty bearish price action as the recent counter-trend bounce in both gold & the EUR/USD were very shallow & reversed (so far) at the lower-end of the expected range. Previous & [...]

2018-01-21T22:45:39+00:00 Oct 2, 2017 1:43pm|Categories: Uncategorized|Tags: , , , , , , , , |Comments Off on Gold, Euro & US Dollar Analysis

INGN Trade Setup & Price Targets

Those that viewed the XLP Consumer Staples video earlier today would have noticed a price alert that popped up on my screen while recording that video. The alert was triggered on a breakdown below the primary uptrend line/bearish rising wedge pattern on INGN (Inogen Inc), which was covered as a short trade setup in the IHI & Medical Device Sector Trade Ideas video posted on Tuesday. This was a beautiful setup & today's breakdown provided a very objective entry as the breakdown was confirmed with volume expansion. The stock also provided an objective entry as it didn't gap below [...]

2017-09-28T13:28:57+00:00 Sep 28, 2017 1:17pm|Categories: Uncategorized|1 Comment