1:35 pm ET - The SPX +11 is moving above the high of the low day...an entry signal for many short term and intermediate term traders...of course follow YOUR rules...CAT, DOW, FUQI, STT, BAC, FAS, BDK, WLT, SPY, PCLN, AAPL, CHL, MUR, CAM, AMX, BYI, ISRG, BA and NKE are among many stocks that have already broken the low of the high day...10:50 am ET - The SPX +8 is breaking the high of the low day along with many stocks including: CAT, DOW, FUQI, WLT, PCLN, FAS, BAC, BDK, SPY, AAPL and many other stocks that are at the high of the low day now... BMO – ES +3 and NQ +8 futures are higher in pre-market trading pointing to a higher open. AAPL +1.61, GOOG +5.02 and BIDU +4.29 are also higher in pre-market trading. Watch for a break of the high of the low day, Friday on many index and stock charts, this morning.
SPX
Support = 1,025…1,017…1,007
Resistance = R1 = 1,044Look at these Charts…
(click image to enlarge)
(click image to enlarge)At the Open on Monday
SPY –
QQQQ –
AAPL –
PCLN –
HANS –
WYNN –
FSLR –
BIDU –
GOOG –
HOLX –
FAS –
AXP –
BAC –
STT –
ZION –
ADBE –
AKAM –
FLIR –
MA –
ISRG –
NKE –
BDK –
CAT –
DOW –
WLT –
FUQI –
So Dave, if SPY bounces off R1 and starts heading back down, what will you be looking for next, a break below the low of the low day I presume(which on the SPY is coincidently the 50 day MA)? I would think that be the signal to get into more bearish trades, agreed?
David Johnson, CMT
Investment professional for 40 years including analyst, portfolio manager, trader and trading instructor. Performing computer based technical analysis since 1990. Previously quantitative and fundamental analysis. Has trained more than 40,000 traders in over 250 events including two and four day training events.
Email: chartsignals@yahoo.com
4 comments:
Thanks for your post, Dave!
Laney
Thanks Dave. It will be very interesting to see if SPX can break R1 (1,042ish) from Thursday, and move on to make a run at R2.
Mike F,
Yes, that is why 1,044 is such an important resistance level.
Dave
So Dave, if SPY bounces off R1 and starts heading back down, what will you be looking for next, a break below the low of the low day I presume(which on the SPY is coincidently the 50 day MA)? I would think that be the signal to get into more bearish trades, agreed?
Am I missing something?
Thanks
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