Where Do We Go From Here?
Hi Shoppers, According to my charts, the SPY, QQQ and IWM have all violated a support level and closed below it. Remember, the closing price is more important than the intraday highs and lows. So let’s take a look. For SPDR S&P 500 (Ticker: SPY) my support level is right there at that nice […]
A Chart Examination
Hi Shoppers, On Monday, I pointed out a bearish engulfing candlestick formation on the Abbvie (Ticker: ABBV) chart. And it was a beautiful example of that indicator. I thought it was going to be a huge winner. All I needed was for ABBV to trade lower. But guess what … it didn’t pan out. That’s […]
A Bearish Engulfing Candle
Hi Shoppers, Friday’s trade action has created a bearish engulfing candlestick in Abbvie (Ticker: ABBV): ABBV has had a tremendous rally since October 13th trading from a low of $136.37 up to a high on Friday of $149.55. That is over 9.5%. Friday’s bearish engulfing candle is formed at the top of this rally, created […]
A Santa Claus Rally?
Hi Shoppers, I am thinking all these dojis in the major indexes are pointing to a possible rally this morning. To take advantage of this, I like the ProShares UltraPro Short S&P 500 (Ticker: SPXU): Wednesday’s doji may be an indication of SPXU to trade lower. Looking at next week’s puts: Be sure SPXU […]
A Big Decision
Hi Shoppers, Wells Fargo (Ticker: WFC) has an interesting chart. It has come down hard and fast and could be ready for a bounce: Yesterday’s action created a hammer which could be a signal of a reversal of this big four day selloff of over five bucks. It also closed that gap created back on […]
Songbird
Hi Shoppers, I am seeing a possible hanging man candle in CVS Health Corp (Ticker: CVS) which could be indicating a change in that upward trend: There is also a double top. Watch for CVS to stay below yesterday’s close before hopping in on the downside. It could pull back to the 200-day moving average […]
Doji Doji Panic
Hi Shoppers, Looks like a doji formed yesterday in Las Vegas Sands (Ticker: LVS): LVS also looks to have a double top formation which can signal a reversal in trend. The stock has had a nice rally since October 24th when it traded a low of $33.38. If the stock opens and trades lower today, […]
Good Times Had By All
Hi Shoppers, General Mills (Ticker: GIS) has had a nice run up since November 15th. I think it is ready for a pull back because Friday’s candle could be a doji signaling that reversal in trend: Of course, I will wait for the confirmation Monday morning watching for GIS to trade lower for a while […]
Black Friday, Gold Trade
Hi Shoppers, SPDR Gold Shares ETF (Ticker: GLD) has a bullish engulfing candle created on Wednesday: Today’s candle is confirming a possible trade higher. I also have GLD bouncing off longtime support at $161.25. I think it can trade back up to the recent high of $165.70. I like next week’s 163 calls around $1.25: […]
Happy Thanksgiving
Hi Shoppers, There is a possible double bottom and a hammer on the Lyft (Ticker: LYFT) chart: I think LYFT can trade back up to its 50 day moving average at $13.50. I will watch for a confirmation today of LYFT opening and trading higher. Looking at the LYFT calls, I like the Dec02 expiration: […]