Feb 11 Range Reversal Market Update and Stock Scan

Feb 11, 2015: 3:31 PM CST

Markets STILL are never boring! Today’s action again reminds us of that fact.

A rangebound morning devolved into a breakdown, and the sell-off was halted from an intervention buy event from the buyers.

Let’s update our key levels, highlight the divergence, and of course note trending stocks today:

Price logically moved down away from 2,070 as would be expected (from the divergences) but as the sell-off began to intensify, buyers collectively stopped it in its tracks, intervening to trigger a short-squeeze rally almost all the way back to session highs.

We’ll continue to use 2,000 and 2,060 as short-term pivots in the context of a broader trading range (see the prior update on the current range and breakout targeting for the S&P 500).

Continue Reading…

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Trading Crude Oil with Divergences into Key Levels

Feb 10, 2015: 11:37 AM CST

How can momentum divergences help your trading style?  Simple – by providing early warning signals of market reversals.

But divergences alone aren’t enough to trigger a trade.

Let’s see another example of one of my favorite trade set-ups that played out recently in Crude Oil, and of course what levels we’re targeting now.

First, take a moment to review a few current posts about divergences including:

“Amazon’s AMZN Bullish Surge from Support with Divergences”

“Quick Lessons from Divergences and Reversals in MNKD”

Now, let’s talk about Crude Oil. Continue Reading…

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SP500 Still Playing the Range Ping Pong Game

Feb 10, 2015: 11:04 AM CST

We’re still waiting on your breakout, Mr. Market.

Until then, we’ll keep playing the brief game of Ping-Pong you’ve set-up within the clearly defined trading range.

Let’s update our short-term S&P 500 planning and get ready for the breakout… or simply more of the same.

Be sure to take a look at January 26th’s “Plotting the Current Range and Future Breakout for the S&P 500″ post which STILL is applicable today.

Simply stated, the market has NOT yet broken out of its clear range and the “IF/THEN” game-planning stands.

We’ll keep playing “Ping-Pong Bearish” down away from the clear resistance line at 2,065 and “Ping-Pong Bullish” off of the 1,990 support trendline. Continue Reading…

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Feb 6 Reversal Market Update and Bull Bear Stock Scan

Feb 6, 2015: 1:40 PM CST

Markets are never boring!  That’s for sure.

What started as a strong, bullish session has now reversed – from negative divergences – to a Rounded Reversal.

Let’s update our key levels, highlight the divergence, and of course note trending stocks today:

On the Unemployment Report, stocks started the session trending higher on a short-squeeze but ended the rally just above the 2,070 level on a lengthy negative Market Internal Divergence.

The afternoon shatter of the 2,070 level set in motion a sell swing and reversal down to create (so far) a Rounded Reversal pattern all the way under the opening price.

The short-term level to watch is 2,060/2,055 which puts us back in the consolidation level of yesterday’s session.

Continue Reading…

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Eight Stock Stocks Gapping and Trending Higher Feb 6

Feb 6, 2015: 12:27 PM CST

Intraday traders often scan for stocks that are strong and likely to get stronger so they can trade in the direction of the trend should it continue for the remainder of the session.

Here are eight selected stocks from our algorithmic scan this morning that are showing gaps and potential continual intraday movement in the trend direction, giving us possible pullback (retracement) opportunities:

Google (GOOGL), Flir Systems (FLIR), Wells Fargo (WFC), Buffalo Wild Wings (BWLD)

M&T Bank (MTB), Linked In (LNKD), Verisign (VRSN), and Moody’s (MCO).

Some of these companies are rallying on positive trader reaction to earnings reports and others are just showing relative strength.

The financial sector (broad ETF symbol XLF) is outperforming other sectors today so it may be worth your while to spend extra time finding strong trending financial stocks to trade.

Monitor the price action relative to the rising moving averages and look to trade in the direction of the bullish price action as long as price remains above the 20 EMA (5-min) along with the 50 EMA.

Trail stops under one or both of these averages (depending on your risk tolerance). Continue Reading…

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