Bearish Break Market Update and Stock Scan May 17

May 17, 2016: 2:12 PM CST

The S&P 500 reversed down from the 2,070 level on clear negative divergences all the way back to our pivot support target near 2,040.

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

As we saw from this morning’s post and the prior planning in the membership, price successfully rallied up away from the 2,040 pivot (on massive positive divergences) toward upper targets into 2,070.

Negative divergences late Monday undercut the rally into resistance and sent the market lower – all the way back to the 2,040 pivot bounce point.

We’re carefully focusing our attention on 2,040 and 2,045, knowing that a failure-to-bounce again here opens up a potentially rapid sell-pathway lower to 2,020 or 2,000.

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May 17 Updated Emini Fibonacci Grid Trading Levels

May 17, 2016: 10:34 AM CST

Monday’s strong bullish session thrust price into our 2,070 Fibonacci Target where our reversal occurred.

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

I flipped the grid to reflect the recent UPWARD retracement away from the 2,040 level to the 2,100 high.

We’re focusing on the 2,060 level (so far today’s reversal high in the morning) and the two extension pivots away from it:  2,049 and 2,068.

For simplicity, we’re focusing on 2,060 as today’s immediate pivot and 2,050 as a lower support target with 2,070 as an upper bounce intraday target.

Trade the movement toward or away from the 2,060 pivot for your simple intraday plans.

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Beware the Apple Trapple AAPL

May 16, 2016: 10:35 AM CST

Apple (AAPL) is tricking traders right now with a possible failed breakdown or Bear Trap Trigger.

Let’s update our charts after last week’s “Apple Support Bounce Challenge” and plan the next move.

We’ll start with the Daily “Price Only” Chart:

First, take a moment to read last week’s post on the “Support Bounce Challenge” at the $92.50 level.

Today allows us to fast-forward to a strong breakdown just under $90.00 per share.

However, Friday and now Monday saw the bulls overwhelm the sellers (and short-sellers) to burst price back above the breakout level near $92.50.

IF price holds above this level this week THEN it will likely trigger (spring) a Bull Trap.

Either way, our key focus should be on $92.50 and the departure away from this critical pivot.

Here’s an indicator and volume chart for more information:

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May 16 Emini Surge Update and Fibonacci Grid

May 16, 2016: 10:17 AM CST

After a strong sell-swing took the market down Friday, we’re seeing a strong recovery bounce this morning.

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

Price traded down Friday sharply lower into the 2,041 “final Fibonacci” target level where buyers entered.

Price bounced up away from this level through our 2,048 pivot (highlighted) and made a run all the way up to the 61.8% retracement as drawn into 2,060.

We’re focusing our attention on 2,060 for the remainder of the trading day which was effectively Friday’s reversal resistance.

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Eminis Bouncing in the Fibonacci Grid May 13 Update

May 13, 2016: 9:53 AM CST

Despite the recent gaps and volatility, price remains within our well-defined Fibonacci Retracement grid.

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

Our Fibonacci Retracement Level Grid continues to serve as targets and reversal points.

Yesterday’s high and low were into the 2,070 and 2,050 wider pivots as highlighted.

Today’s session so far has given us a departure down away from the 2,060 pivot (which wasn’t much in play yesterday).

For today, focus on 2,050 (technically 2,048) as a short-term Bull/Bear Pivot and if we see a bounce here, then 2,060 as an upper “range bounce” target.

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