Hi Shoppers,

Wow … what a week!

And it’s only Wednesday morning!

Let’s take a look at a few charts …

Plus stick around for a new trade idea in British Petroleum (Ticker: BP).

Down on the Charts

S&P 500 Index (Ticker:  SPX) down 7.5% in four days:

SPDR S&P 500 ETF Trust (TIcker:  SPY)  down 7.5% in four days:

Invesco QQQ Trust (Ticker:  QQQ) down 8.9% in four days:

IShares Russell 2000 ETF (TIcker:  IWM) down 8.4% in four days:

I am seeing support at these levels. 

Will the markets comply or continue to head lower?

Stay tuned … we’ll be on the hunt for candles all around. 

That includes my …

BP Trade Idea

Check out the British Petroleum (Ticker: BP) chart:

It has a bullish hammer and yesterday created a bullish inverted hammer.

If BP opens and trades higher, I will be a buyer of the April 29 (expiring Friday!) 28.50 calls.

Again, these expire Friday so I am looking for a quick move.

Be sure to keep your eye on the overall market, also.

Trade Review

On Sunday, I recommended Chargepoint Holdings (Ticker: CHPT),if it traded higher than $15.16. It did not trade that high, so no entry was made.

Thanks for Reading … See You Next Tuesday!

Licia Leslie