Join Corey Wednesday for a Special Five Steps to a Reversal Webinar

Aug 26, 2014: 11:51 AM CST

I’m excited about a webinar opportunity I’ll present for you Wednesday as part of Trader’s Coach’s Wednesday Night Live educational webinar series!

I’ll be discussing “Five Steps a Market Takes Before a Reversal/Breakout” and – given our recent breakout – it should be a perfectly timed event.

I’m honored to be a guest of Bennett McDowell again as part of their Wednesday Night Live events.

If you’ve ever wanted to know a process for spotting trend reversals – and breakout trades that occur during the process – then join us live this Wednesday evening at 7:30pm EST / 4:30pm PST.

We’ll see you there!

Corey

Continue Reading…

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Charting Three Top Trending Stocks to End August

Aug 26, 2014: 9:56 AM CST

I’m a big fan of the concept of “Strong Getting Stronger,” and three such stocks stand out as strong candidates.

All three names are overextended so these aren’t instant-buy candidates, but they do underscore the principle of trend following (as opposed to fighting a trend).

Let’s take a look at three strong, overextended stocks as we end August.

US Steel (X):

I’ll just do a quick highlight of these stocks and allow you to compose your own analysis and spot potential entries as they develop.

US Steel broke above the $28.50 horizontal resistance (rectangle) area with a strong impulse candle (on high volume and momentum) and continued the uptrend higher on a straight-up impulse toward the $40.00 per share region.

We’ll focus attention on the $40.00 level but will remember the “breakout and impulse” lesson here. Continue Reading…

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Current Market Rally Echoes a Pattern from the Past

Aug 26, 2014: 9:38 AM CST

If you look closely at the current market rally, you may see something eerily familiar.

Let’s chart the current intraday rally (as we’ve been highlighting) and compare that to a familiar friend on the chart and learn a quick lesson about technical analysis in the process.

I’m using the @ES futures contract (S&P 500) to show the overnight data.

Initially, I wanted to see how strong – how pure and persistent – this rally has been but in the process, I saw something rather interesting.

If you take nothing away from this chart, let it be that market rallies can be strong and should not be fought (strength can lead to more strength).

However, if you want to take it a step further, compare the intraday (hourly) chart of the @ES futures with this one: Continue Reading…

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Bearish Engulfing Opportunity in Altera ALTR

Aug 25, 2014: 1:28 PM CST

Altera (ALTR) showed up on two of my stock scans this morning and I wanted to share the chart both as an educational resource and a potential trading opportunity.

Let’s see the chart and discover why this stock appeared on two separate scans:

First, Altera (ALTR) appeared on my morning “Consecutive Closes” scan as the stock that has closed the MOST times to the upside in the S&P 500.

To be specific, ALTR has closed higher 11 days in a row.

I’ve been including daily results of this scan in the Daily Membership report (it provides aggressive yet short-term trading opportunities).

The 11-day consecutive rally has taken price from the lower Keltner Channel ($33.00 level) to the current location above the upper Keltner Channel ($35.00 per share).

There’s another reason we’re interested in this stock – see if you can discover it before I reveal the answer: Continue Reading…

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August 25 Breakout Market Update and Stock Scan

Aug 25, 2014: 12:30 PM CST

Well there we have it!  It’s official – the S&P 500 achieved the 2,000 Magnet target.

We now ask the question “Did buyers use up all their fuel to push the market into this level?”

Let’s take a look at the charts, breadth, and highlight our trending stocks of the day.

I’ve repeatedly stressed the “Repeat Pattern” in the S&P 500 to members (and the open blog) recently and for good reason – the market traded up exactly as would be expected according to the “Repeat Pattern” thesis (it was very successful).

Studying the “Repeat Pattern” that Forecasts New Highs for the S&P 500 (achieved!)

“Onwards and Upwards to New Highs for the S&P 500?

Planning a Breakout (from a Repeat Pattern) in the S&P 500

S&P 500 “Breaks on Through to the Other Side

Decision Point for the Dow Jones

So here we are – either price skyrockets through this level on a “Short-Squeeze,” or perhaps more likely we see a Bull Trap trigger with a reversal down against 2,000.

Note the clear negative TICK divergence which argues for a trap-and-collapse scenario.

Either way, we’ll focus all our attention on the 2,000 index level. Continue Reading…

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