Selling Pressure Continues Market Update and Stock Scan May 4

May 4, 2016: 1:16 PM CST

Price broke support to new swing lows today as a deeper retracement takes hold of the market.

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

The intraday chart shows a short-term downtrend (lower lows and lower highs) with price dropping to new lows under 2,050 today.

We can see how momentum and internals called our short-term reversals in price which set-up good trading opportunities.

At this point, price is failing to bounce and we’ll focus our attention on the departure from the 2,045 and 2,050 current levels.

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Either a Bounce or Another Collapse Plan for Apple AAPL

May 3, 2016: 10:26 AM CST

Cutting to the point, Apple shares (AAPL) either support-bounce and rally up away from the $93.50 level or else we see another collapse and breakdown lower.

Either way, whether or not you’re trading Apple for fun or profit, focus your attention on what happens here:

Our “Price Only” Chart shows the downtrend (lower lows and lower highs) in motion from the early 2015 peak.

Price trended down away from the $130.00 level toward the current $95.00 per share pivot over the last year.

We’re at a similar point as we saw in December with price retesting a prior support low ($110.00) after a downswing and retracement bounce higher off support.

Ultimately price failed to hold support, breaking powerfully lower under $110.00 for a collapse move toward $95.00 in January 2016.

A similar upward retracement took price above $110.00 – the prior pivot – and the recent April sell-swing pushed price straight down to where we are now at the $94.00 critical pivot.

Officially the $93.50 level will be the focal point for traders as we plan for a “Bounce or Break” outcome.

Our trades – and open position management – should be based on what happens here.

The Bullish Thesis calls for a rally at least back toward $100 for a short-term trading opportunity.

However, any future breakdown to fresh new 52-Week Lows suggests another liquidation (sell) swing even lower.

While the plan is clearer on the “Price Only” chart, if you’d like a bit more strategy, we have our Indicator Chart: Continue Reading…

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Crude Oil Collapses to Lower Targets with Stocks May 3

May 3, 2016: 9:56 AM CST

Though rallying to the $47.00 per barrel short-term target, Crude Oil reversed lower with a multi-day retracement and gap-down this morning.

We have new levels to watch for targets and possible bounce points, as seen in our grid below.

Here’s today’s updated Fibonacci trading levels for your trades in Crude Oil @CL:

To compare Oil’s Levels with the @ES S&P 500 (e-mini), take a look at this morning’s update.

For Crude Oil – as stated this weekend in the strategy update to members – we were expecting a retracement “down away from” the $47.00 per barrel level.

So far, that’s precisely what we’re seeing as a negative momentum divergence developed into this upside target.

Price gapped down into the first target at the 38.2% Fibonacci Retracement at $44.13.

We’re now seeing a collapse down – along with stocks – to the 50% Retracement at the $43.30 level.

We’ll focus on the $43.30 pivot and if price fails to bounce here (as would be logical), then we’ll target a move back to the prior low and Fibonacci Pivot Level exactly at $42.50.

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May 3 Gap into Fibonacci Level Emini Update for the Day

May 3, 2016: 8:48 AM CST

You may be surprised at how well our short-term Fibonacci Planning Grid is working to call quick reversals.

What are these levels, which level was a reversal point Monday, and what level is key right now?

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

Simply stated Friday reversed up off the 2,048 level toward Monday’s reversal point into the 2,077 (see Monday’s real-time update that called the move into the high).

Monday’s rally took us through the 2,077 target on negative divergences to close at the highs – and 38.2% level.

We’re seeing a 14 point @ES Gap Down straight into our 61.8% Fibonacci Level at 2,060.

It’s this level we’ll use for planning and trading the rest of the session.

We trade movements toward and away from key levels and 2,060 will be are departure point (target) today.

If under 2,060, look for a fall into 2,048 again.  If instead buyers support at 2,060, we could rally into 2,068.

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May 2 Emini Fibonacci Level Planning Update

May 2, 2016: 11:13 AM CST

You may be surprised at how well our short-term Fibonacci Planning Grid is working to call quick reversals.

What are these levels, which level was a reversal point today, and what range are we watching?

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

Simply stated Friday reversed up off the 2,048 level (see Friday’s real-time update that called the low).

We saw a strong rally up toward our 2,060 target and now with today’s gap – and volatility – we’re seeing price play into – and now away from – our 50% Fibonacci Level at 2,069.

For today, use 2,069 and 2,060 as your pivot playground.

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Continue Reading…

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