A fast note on some great setups for mid-week. Charts are showing up very clear, Markets have digested the current Russian news and looks to be eye-balling new highs. Before getting to excited we have a FOMC Rate decision and more taper talk scheduled for 2:00 pm tomorrow. Last appearance from Chair Janet Yellen was received very bullishly by the markets. I can't see much different this time around. As long as the issues are out in the open this market seems to fear nothing. Expect the unexpected to stop this market in it's tracks. Good luck on figuring out when that will happen. Until then business as usual lets continue to profit and be disciplined. SPX healthy Flag and bullish crossover. A cross back over negative would be something I would consider very bearish. Great Flags right now "X" Marks the Spot Trade
Cont'd from Midweek Update with some great charts to watch "X" Marks the Spot Trade One of this Week's Best Bet was $LULU I want to show you 2 charts that show how to time a channel entry the Entry on LULU was seeing the 60 min stochastic coiled up as we were already oversold on the daily. The 60 min time frame really tightened up as the price touched the lower channel line that was part of a 1-2-3 pattern. Even though I would have loved 44.00 on this the dual time frame and the coil made me want to get in. And here is another Coil that is forming in the markets this week. Well hope you got something out of that. See everyone tomorrow morning. DayTraderRockStar
India's BSE index ended flat on Wednesday, off the record highs hit a day earlier, as IT outsourcing companies fell on concerns about their revenue outlooks, while investors also booked profits in recent outperformers such as ONGC. Global risk factors also weighed on Indian shares ahead of the U.S. Federal Reserve's policy review later in the day and as investors still monitor developments over Crimea and Ukraine. CNX NIFTY -NSE 6,524.05 Up 7.40(0.11%) 3:30PM CNX IT 9158.95-Dn 205.40(-2.19%) 3:30PM
This week's Watch list is a straight shooter, We left off on Friday with the markets closing near their lows for the session. The Daily and 60 min time frames are turning over and this could lead to more downside next week. Today's volume was attributed to Triple Witching Friday and this could have also played a part in today's selling. Most of last week's Quality HPS's are still waiting to be triggered and that could happen if we do see some more downside. I added $TGI after recording the video so i will post the chart here and list it on the HPS page. I also did an extra video breaking down the Dual Time Frame Entry Method which i used in $LULU Have A great weekend DTRS
Fridays for me are spend going through hundreds of charts and during this research session I try to keep a close eye on the markets and take any trades that might be setting up for next week. Well what a day to be on the other side of the mic! The Nasdaq just got pummeled down over 100 points and the Dow and S&P also put in some negative candles. Going into this morning I thought there was a good chance to sell the news (Jobs Report) and the market did just that. The markets did sell, and did it in a way that leads me to believe we have some more downside. Here are some important keys to today's action. 1. The $SPX (S&P) traded higher then yesterdays highs which is also a new all time high, then closed lower then yesterdays low making the candle a bearish outside (engulfing pattern) 2. The Engulfing pattern happened when we were overbought on the daily..This is the criteria I use for a true reversal I want to have a overbought or oversold reading when the candle is formed. 3. Volume was higher on this then the previous 3 days. 4. The key takeaway here is the crossover on the daily stochastics and the the large area underneath us that can be tested and still keep this market technically sound. On a positive note for Monday we got oversold quickly on the 60 min time frame based on the stochastics oscillator and this has been a very reliable signal for a short term move up. So that's the outlook for early next week, Looking for very short term recovery possibly into Tuesday and then watch how far we get on any bounce and look for that failure that should lead to some further downside. 1800 on the S&P is definitely a possibility down the road. I put out a early watch list during the day and a more focused watch list of some scalps I will be taking early in the week both. I go back over some key charts in both video's so you might have some duplicate info if time is an issue then watch the second one down on the page. One last note: The hardest thing to do is call a top ..even though this look like a great combination of bearish signals this market has proven the bears wrong time and time again when it comes to calling a correction (7%-10%)
Just shorted MCD at 99.55. I don't believe in MCD single rally. People are buying it as a safer stock and safe heaven which is misleading. Shorting MCD will not be exciting but rather safe.