Corey’s February 5 Trend Day Market Update and Stock Scan

Feb 5, 2016: 3:35 PM CST

Tech stocks lead the market lower and there are some surprising drops in major names.

Let’s update our levels for the S&P 500 Index and note the big trending stocks today:

I highlighted the Negative Divergence and Bull Trap for you (and members) yesterday morning and indeed the trap scenario was accurate.

Buyers pushed the index above 1,920 but on weaker momentum, volume, and internals and we’re seeing the expected reversal on the “failure to break higher” (aka “Bull Trap”).

Price broke initially under the 1,900 key support level and then developed a Trend Day down, somewhat similar to what we saw on Wednesday.

We’re back to our 1,875 pivot as I highlighted this morning (and of course in more detail to members).

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Feb 5 SPX Level and Trade Planning Update Chart

Feb 5, 2016: 12:17 PM CST

With price collapsing once again as the downtrend continues, the S&P 500 index faces a critical “make or break” challenge at a key pivot level.

Let’s pinpoint this level and get ready for the next swing yet to come.

Here’s our simple Daily Chart with reference levels:

Before focusing on the current level, be sure to note the upper range levels from 2015.

Price had a key support reference pivot near 2,055 and a resistance pivot near 2,125.

The market bounced between these levels and even returned to them after the August price collapse.

Ultimately price departed from this Value Area (Range) and created a new one where we are now.

Our current range reference level is smaller and spans 1,870 to 1,900. Continue Reading…

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Gold Target Achieved: Trade Planning Now Feb 5

Feb 5, 2016: 12:01 PM CST

We’ve been targeting the $1,150 level in Gold and price achieved that key target this week.

What’s going on and what’s the next trade plan for gold now that this one was successful?

Let’s see and plan it!

In the Weekly Member Reports, I’ve been calling for a third “counter-trend rally higher” toward the $1,150 target like the two we saw earlier in 2016 (note the green arcs).

Price – as expected – moved “up away from” the $1,060/$1,075 price pivot toward the minimum target $1,100 and now the fuller upside target into $1,150.

To be clear, it’s the area just above the falling 200 day Simple Moving Average (red) and the blue hand-drawn trendline.

On the prior two upswings price broke gently above the 200 day SMA only to collapse back under it, continuing the longer term downtrend in price. Continue Reading…

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Corey’s Midday Market Update and Stock Scan Feb 4

Feb 4, 2016: 3:11 PM CST

Yesterday saw a bullish “surprise” reversal and today gives us the opposite – a bear trap and bearish reversal.

Let’s update our levels for the S&P 500 Index and note the big trending stocks today:

Price rallied up and reversed yesterday from a visual positive momentum and TICK (internal) divergence… and we see the bearish resolution from a failed breakout and bull trap off a negative momentum and TICK divergence.

Note the short-term Fibonacci planning levels between 1,900 and 1,920 – our operating pivots.

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Sell Swing Market Update and Stock Scan Feb 2

Feb 2, 2016: 3:04 PM CST

Stocks fell sharply from a key overhead resistance target – with divergences – to produce today’s Trend Day Down.

Let’s update our levels for the S&P 500 Index and note the big trending stocks today:

For members last night and on the TradeStation Morning Market Briefing, I highlighted the 1,945 level as the key pivot point (target) for price to play toward (successfully) and now “away from” (successfully).

The result so far has been a T3 Trend Day to the downside as price impulsively moved lower toward our 1,900 target.

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Continue Reading…

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