Yellow light

We broke the lower trend line and we are still in the HB fib.  The major trend is up but the mid tend is down.  Market is not shure what to do.  Sometimes you need to sit and wait for signs.  Futures is flat on the morning waiting for info at 8:30.  This will be a hint on the day of direction.

Yellow Light

This will be a big day.  If we stay or if we go.  We are at  some large resistance points right here.  If we go down it will be a bumpy ride.  Resistance points at 206 trend line, 205 fib, 203 fib, 202 gap fills, 202 at the 5% retracement, 200 at the 200 EMA and finally 198 is the final resistance before a major drop.  Hold on to your pants.

Futures are down 13 pts today at 7:30 am EST,  Not good for going up on the day.

I would not trade this if you are in long term stocks.  Hedge your down side with SPX and SPY options to the down side to protect your longs.  If you are a day trader or a swing trader you can play the turns.

Red Light

We broke the HBL extension and now we are headed down.  We do have a lower trend line to keep an eye on.  We also have a HBL that may hold.  There is also a lower low from this last push up.  Look for a bounce at each spot to enter longs.

Yellow Light

We may get a bounce today.  If it holds that will turn into a green light.  Futures are flat but pressure is building to the up side.  How far it will go who knows.

Yellow Light

We are bouncing off the HBL from the bar from 5 days ago.  Not a standard fib retracement.  We do have the bar from 4 days ago bouncing off the same spot.  Tomorrow morning ES futures will give us a hint on the market direction.

Yellow Light

Today we had a HBS on the 30 minute chart.  This is not a good sign for moving up.  At least for the next few days.

We also broke a key support line.

Green Light

Going up.  This morning futures are up 5 pts. If you can get a Vertical at 90-95 at a good price with expiration on Friday it will be some good cash in hand.  And or get a long call in SPX or SPY today at the HBL should work well if you missed the fist entry last Thursday.

Green Light

We had a pull back yesterdays to the HBL of the previous day.  Futures are up by 11 Pts and rising this morning.  Sell verticals below the last pull back for this week expiration and make some quick cash.

Green Light

We broke the HBS and the target is 2154.63.

Fed did not change rates so we have cheap money still.  Fed is still backing the market.

Yellow Light

We are stuck between HBL and HDS.  Fed rate comes out at 2 pm today.

Volume is low for the day and remain low until 2 pm today.

This is a 30 min chart.  We do have a divergence in the Ego to the down side.

240 chart still show up.  The Sto show a pull back and then a move higher.

Yellow Light

FOMC statement tomorrow at 2 pm.  The market is expecting word change not a hike in interest rates.  When Fed raises interest rates the US government will have to pay more on its debt. The word on the street is the Fed will raise rates this year some time.  Perhaps later in the year.

Markets will be flat until 2 pm tomorrow.  It is also quad witching the rest of the week.  Lot going on tomorrow.

We are in a rising wedge that tend to fail to the down side after 75% of the wedge is filled and complete.

We do have an upper target of 215.63 if it will get there.  That would be a good place for the wedge to fail to the down side.

Yellow Light

The ES Futures are down 8 points this morning. The market will be a little slow this morning because of the Fed speaking at 10 am EST.  After that the markets will start moving again.

As you can see o this 30 min chart, we are stuck between the HNL at 206.04 and HNS at 209.25.  We need a break either way to enter trades with the trend.

Yellow Light

We are in a wedge.  We have not broken the 61.8 HBS yet.  If we break it will go to the upper wedge line. Check the ES futures tomorrow morning for a clue.

Yellow Light

We are between a HBL and a HBS.  So keep an eye on the HBS if it breaks the 61.8 we will go higher.  It also may bounce down.  That will be your clue on the direction.

Yellow Light

We broke the Fib extension to the down side.  So today we go up.  Be careful.

Looking to enter AVB today.

Fed speaks this week so don't expect to much until Wednesday.   This is also option ex this week.

We need to break the half back short before we bet a green light long.

Red Light

Be careful of this bounce.  It must break the 207.46 befor its valid.  This is looking weak.  Futures are looking flat on the morning.

Red Light

The sell off hit the 205.6 today.  I'm looking for a possible bounce between here and 203.36.  For the bounce we are looking for a HBL in a micro and the confirmation will be a higher high for the day.

Red Light

We did get a bounce at the 207 but the over night futures are down 18 pts on the ES.  So we now have a red light for day and swing trading.  Long term if we break the 197 then you need to exit your long term stock on a case by case basis. Keep the winners and dump the losers.  Free up some money for the next bounce.

Yellow Light

Market broke the up short term trend.  Look for a bounce at 208 and at 205 or at 197.  We never broke the half back short at 211 so the momentum is down for now.

Green Light

Still going sideways.  Never closed below the 61.8 again.  This is called unwinding.  Tomorrow will be slow.  Until we get unemployment data.  It should be going up if predictions are correct. Everyone is talking correction.  Trade what you see not what you hear or think.  Don't get caught up in rumors and speculation. Trade it when it happens not before.

Green Light

We broke the Fib long but did not go lower.  We closed with in the 50% and 61.8 in a Doji.  Indecision on the day.  Sellers try to come in and failed, buyer came to take it up and failed. Wait for tomorrow morning futures for a clue on direction on Thursday.

Green Light

We had some unwinding today that lead to moving sideways.  We hit the 61.8 and bounced off to the up side.

Green Light

Moving on up.  First target is 213.12, second target is 214.51 and the last target is 220.33.  We will get some hesitation at the high of 213.12.  We may even go sideways for a few days. The indicators may fall and pull back to reset for a long trade.

Green Light

We broke the HBS today on the Fibs and everyone jumped in.  It is looking weak the the volume so choose carefully.

Looking at stocks for entries, ALGN, BMY, ILMN on a bounce.