So far it’s been a great day as we have lift-off on several of the setups I have been pimping here for the past week. Before we revisit those let’s take a quick look at where we are on the equities side:
The S&P E-Mini is pushing its luck by dipping its toe into the large volume hole which terminates near 1594.75. As I’m typing this it has bounced back a little but and I’m seeing some tepid buying interest. Let’s see if they just tried to scare the children – if you put your stop where I told you then you should be in good shape right now as its currently plotting around 1608.
The NQ will have to push above 2936.5 [...]
Since I’m seeing rather limited participation in the comment section I take it that many are extending their three day vacation a little. Quite a shame as this morning’s setups have been kicking butt and are taking numbers. But as the old saying goes – you can lead a horse to water but you can’t make it drink.
Quite a bit of drama over in the equities side as everyone appears to be getting some of the bad of the stick today. Early in the morning we got a nice gap which just filled a few minutes ago. No idea what other shenanigans are still on the menu today but what I do know is that my shiny new toys are plugging along just famously. [...]
I literally have juicy long term setups crawling out of the woodworks today – very exciting and it’s time we’re picking our outfits for the summer season. Let’s start with one popular symbol I was pimping yesterday – for free I may add!
Here’s what I proposed in my Monday update – AAPL was about to reverse its bearish price objective and I was getting very excited about a potential breach of the 430 mark.
And here’s the same chart today donning a double top break out and a preliminary bullish price objective of 545 – yummie yummie! Let’s see what our LT panel has to say about [...]
We have a nice mix of material to work through this weekend so let’s get to it. About two weeks ago, as the SXP was pushing toward 1600, I suggested that we may see a short term shake out and that’s we got. Of course buyers followed up just a few days later and that now leaves us with an interesting configuration on the weekly panel:
I’m currently seeing the possibility of a Retest Variation Sell setup – it’s not complete yet and would require a drop below last week’s low to trigger. Very interestingly there’s also a weekly NLSL sitting nearby at 1539 offering additional support. Personally I think the odds of this setup [...]