June 9 Retrace Bounce Market Update and Big Stock Scan

Jun 9, 2016: 2:56 PM CST

After an expected sell-swing retracement this morning, we’re seeing an aggressive bullish intervention push price back toward the highs.

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

First, let’s view this morning’s update on the S&P 500 with respect to the broader picture and key levels.

You’ll find our “pullback planning” logic which was correct toward the 2,110 pivot level.

Price reversed on a positive divergence just under this reference level and buyers aggressively drove price higher.

For now, we’ll be monitoring the activity between the “neutral range” of 2,110 and 2,120.

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Retracement Begins June 9 Emini Update Levels

Jun 9, 2016: 11:07 AM CST

Our Triangle Breakout Plan described yesterday was successful!

Price reversed and traded logically down away from the 2,110 @ES level on negative divergences.

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

Here are the the bullet-points from yesterday’s update:

  • A short-term Ascending Triangle developed between the 2,100 and 2,115 price levels.
  • Negative divergences undercut (fail to confirm) the new highs into the 2,115 resistance target.
  • The market is overextended and (arguably) overbought.

Here’s the main quote from yesterday’s update:

“Odds/probabilities favor a retracement down away from the 2,115 level (red path).”

With the retracement currently in motion use the Fibonacci levels above to your advantage (2,087).

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A Triangle at the Highs Emini Update June 8

Jun 8, 2016: 12:36 PM CST

Breakout!  Or at least a hold at yesterday’s breakout resistance.

Price is forming a short-term triangle with clear trading levels on the impending breakout.

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

There’s a few things we’re watching as we trade the @ES here:

A short-term Ascending Triangle developed between the 2,100 and 2,115 price levels.

Negative divergences undercut (fail to confirm) the new highs into the 2,115 resistance target.

The market is overextended and (arguably) overbought.

Odds/probabilities favor a retracement down away from the 2,115 level (red path) but the alternate thesis – the bullish short-squeeze breakout event – allows for additional upside action toward (and above 2,120).

Use the chart and price levels above to your advantage as you plan and trade the real time action from these levels.

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June 7 Breakout Reversal Market Update and Big Stock Scan

Jun 7, 2016: 2:26 PM CST

Price extended the breakout from Friday’s worse-than-expected Jobs Report (how’s that for logic?).

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

First, let’s view this morning’s update on the S&P 500 with respect to the broader picture and key levels.

If you’re curious what a “Short-Squeeze” looks like, take a moment to view the 20 point laborious rally up away from 2,100.

On a breakout, buyers initially push price above a key level which triggers bears (short-sellers) to take their stop-losses (which are buy-to-cover orders).

Additional buyers jump in (buy) at higher levels which forces more short-sellers to cover.

The result is a one-sided directional movement “up away from” a key resistance level.

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Breakout Level Planning for SP500 and Dow Jones June 7

Jun 7, 2016: 10:36 AM CST

Here we go! Price is breaking through current resistance to levels not seen since 2015 (near all-time highs).

Let’s broaden our perspective from the current levels to the “all-time highs” and plan accordingly.

Here’s the S&P 500:

Our focal point (short-term) remains the price level between 2,100 and 2,115/2,120 where we are currently.

Note the yellow highlights and green “open air” pocket if buyers continue to push price to  new swing highs.

Remember, it’s often bears (short-sellers) who help propel price higher on unexpected breakouts; they must buy-back to cover losing positions.

We’re in “thin air” territory that has been major resistance from 2015 to present.

Two sell-swings collapsed price away from this area but like a magnet, buyers drove it back two times as well.

We’ll be cautious/bearish under 2,100, neutral here into the highs, and sustained breakout bullish beyond 2,130.

Here’s the same picture in the Dow Jones Industrial Index: Continue Reading…

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