Rarely does a market go straight up or down, recently the SPY has been sporadic to say the least. The market has been chopping around on an daily basis and the question remains whether the market is begining to signal distribution? Or is it just pulling back? I wont speculate on the direction just yet as the chart is obviously telling me that we are still in a strong up move. Nothing has changed yet, but I'll keep an eye on the current range of 118.50 - 116.00 as I believe that its the extreme range of the the past 5 days of price action.
UAL: A long that had a major upmove yesterday. IPT. 28.70.
UNH: A long that blasted right past resistance yesterday after it had been stalling for a while. Had a strong close and I expect strength to continue.
COP: A long that formed a bullish fuel candle on the daily.
Breakouts:
BBY> 42.80 again tested the level and failed to go higher but it didnt go much lower as well. Ill be waiting for price to blast through that level then look for a pause to enter.
TRV > 54.80 on the chart it looks like a triple top. If it goes through and holds then TRV is an agressive long.
CVX> 84.78
T> 28.70 IPT at 29 then at 29.40
Shorts:
NEM: Formed a bearish reversal candle on the daily charts yesterday after failing at resistance at 61.00. IPT 58.50
CHK: Inside day yesterday after declining for 6 continuous days. The inside day was a melted candle and might have been some profit taking in yesterdays rally. A break below yesterdays inside day could be a sweet trade.
BK: A sell short with room to go. IPT at 25.12.
LEN: A sell short after yesterdays price action. IPT at 13.85.
No comments:
Post a Comment