Breaking Range Market Update and Stock Scan April 26

Apr 26, 2016: 2:17 PM CST

We’re seeing a bullish reversal swing laboriously developing in the S&P 500.

Will it hold?  And what stocks are our big trenders today?

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

A “Rounded Reversal” style intraday price pattern is developing off the 2,075 (2,080) index target.

Right now the S&P 500 remains within our NEUTRAL ZONE between 2,075 and 2,100 as seen above.

A Symmetrical Triangle developed during today’s action with the midpoint resting just under 2,090.

Look to play a breakdown short away from 2,090 or else an impulsive breakout back toward 2,100 if above it.

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April 25 Fibonacci Level Update and Pullback Plan for Eminis

Apr 25, 2016: 11:48 AM CST

We’re seeing the logical and expected pullback (retracement) continue to known target levels today.

Here’s today’s updated Fibonacci and Emini (@ES) trading levels for your plans and trades:

As the @ES traded up through the 2,100 “Round Number” target level, a build-up of negative momentum and TICK divergences (red arrows) suggested a pullback was likely.

We’re seeing that pullback right now with price pulling back almost 30 @ES points from the high.

With the pullback underway, let’s update our Fibonacci Grid levels.

Price reversed and bounced off our FIRST target into 2,075 (38.2%) level.  See April 22nd’s successful plan.

Price failed to break above the 2,090 @ES pivot and retested – then broke – the 2,075 low this morning.

We’re focusing right now on the play away from 2,075.

A further downside break and continuation of the pullback targets the simple 2,065 pivot low.

Otherwise, a ‘trap’ and sudden reversal back above 2,075 then above 2,080 suggests a stronger bounce higher.

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Big Intraday Swings in Gold and the US Dollar April 22

Apr 22, 2016: 1:21 PM CST

Have you seen the big swings in Gold and the US Dollar?

If you’re trading these markets – or related ETFs – you certainly have but if you missed it, take a moment to look at these interesting and tricky price swings.

Here’s Gold (@GC) and the US Dollar (@DX) on the 30-min chart:

Both markets experienced short-term sideways trends through April and both markets violently reversed course off trendlines within the range.

First, Gold gapped up through resistance back to the $1,270 upside target and then collapsed, filling the gap and reaching the opposite range trendline near $1,230.

That’s a huge swing that trapped a lot of short-term traders.

Similarly the US Dollar Index reversed violently off its expected support at $94.00 and achieved the $95.00 range high target level.

We discuss these markets each weekend for Weekly Intermarket Strategy Members – join for full details.

Commodities (futures) can be volatile, trapping traders quickly or similarly quickly adding profits to accounts.

Note these big reversals and opportunities within the rapid price action. Continue Reading…

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April 22 Pullback Continues New Emini Level Updates

Apr 22, 2016: 12:16 PM CST

Today logically continued the pullback began from the 2,100 level.

We’re now at our initial Fibonacci Grid target.  What’s the level and what is our plan from here?

Here’s today’s updated Fibonacci and Emini (@ES) trading levels for your plans and trades:

As the @ES traded up through the 2,100 “Round Number” target level, a build-up of negative momentum and TICK divergences (red arrows) suggested a pullback was likely.

We’re seeing that pullback continue today with price pulling back over 20 @ES points from the high.

With the pullback underway, let’s update our Fibonacci Grid levels.

The pullback achieved the 2,075 (38.2%) target today and that now serves as our short-term bull/bear pivot level.

A further breakdown targets both 2,065 and then 2,056 on a deeper retracement from the high.

For now and the rest of the trading day, focus on the possible bounce emerging off the 2,075 target now.

As you plan and adjust your trades today, focus on this grid and the overwhelmingly strong ‘creeper’ uptrend that’s not confirmed with momentum or internals.

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April 21 Pullback or Reversal Emini Target Level Plan Update

Apr 21, 2016: 11:08 AM CST

Today gives us another shallow (so far) pullback from the highs toward our initial intraday targets.

Is this just another standard retracement to be bought or the beginning of a larger pullback?

Here’s today’s updated Fibonacci and Emini (@ES) trading levels for your plans and trades:

As the @ES traded up through the 2,100 “Round Number” target level, a build-up of negative momentum and TICK divergences (red arrows) suggested a pullback was likely.

We’re seeing that pullback right now with price pulling back 15 @ES points from the high so far.

With the pullback underway, let’s update our Fibonacci Grid levels.

First, we have the initial target of 2,086 which is the 23.6% level.

A deeper pullback beyond that opens a sell-swing pathway toward 2,075 (38.2%) but more likely the price and Fibonacci Overlap at 2,065 which is where the breakout occurred.

As you plan and adjust your trades today, focus on this grid and the overwhelmingly strong ‘creeper’ uptrend that’s not confirmed with momentum or internals.

Get these levels and in-depth planning, analysis, and trading opportunities by joining the Daily Membership.

Continue Reading…

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