The outlook for the financial sector, including the etf, XLF, using both technical & fundamental analysis. The video starts with an overview of the technical & fundamental outlook for the financial sector followed by the outlook for the following financial institutions: JPM, C, WFC, BAC, V & MA.
I spent some time pouring over the charts last night looking for trade ideas. In doing so, I came up with numerous candidates, both long and short. Some of these trade ideas are already listed as Active Trades on the site and/or Trade Setups while many are not. I'm going to start with the short trades here & plan to follow up with some of the Long Trade Ideas soon. Some of these trades are currently offering objective short entries at current levels while others are still setting up in bearish chart patterns, awaiting a formal breakdown or sell trigger. I [...]
As I'm now able to focus my efforts on the long overdue process of cleaning up the Trade Ideas category, I am doing so in phases starting with Short Trade Ideas (Setups and Active Trades). I did a once-over of all the charts and placed one of three symbols next to each trade; "OK" means those trades still look objective and will be left on as Active Trades for now, to be updated asap. A "?" means that I need to study the charts in more detail before deciding to leave the trade or setup listed on the site as it [...]
V was posted as a potential short a while back at the top of this wedge, along with a suggestion of only shorting a 1/2 position while waiting for prices to break below the bottom of the wedge before adding the second lot. I also pointed out a potential evening star candlestick reversal pattern on Jan 10th, which so far seems to be playing out. V is now once again offering an objective short entry or add-on to an existing position here as it breaks below this long-term uptrend line. V, along with it's peer MA, remains one of the more [...]
As per the notes on the daily chart of V posted last night (first one below), the price action so far today is setting up for a potential evening star reversal pattern. Of course, we are only about 1/2 way through the trading session so anything can happen before the close today. However, since I am occupied with some non-trading issues today, I just wanted to share this in advance for anyone who might choose to act on the pattern if it looks like we're going to get confirmation (a close under 158.18...the mid-point of Tuesday's price range). "Acting on" this [...]
As a follow-up to the MA post below, here's the update on the V active short trade/setup. If you recall from the original post, I mentioned V as a possible short entry at the top of the wedge (which has been slightly re-drawn) back on Oct 19 as an "anticipatory" trade for aggressive traders, suggesting only shorting a half position but advising conventional traders to wait for a breakdown of the rising wedge pattern before entering a short position. Since then, V has continued to climb with the wedge, failing to trigger an entry from a pattern breakdown but similar to [...]
the V short, which was added as an active short trade recently at the top of this rising wedge pattern, has formed a nice looking bearish pennant the bottom of the wedge. i have highlighted the pattern on this updated daily chart although it shows more clearly on this 15 minute chart. keep in mind that a break down of this inherently bearish pattern on the shorter-term, intraday time frame would most like be the impetus for a more powerful, and lasting breakdown of the larger bearish rising wedge pattern on the daily chart. T3 is the preferred swing target as [...]