11:20 am EDT - There are 233 traders who hear me talk about SPY and NVDA among other charts on Tuesday and Wednesday...about being ready for a support bounce...well today the support bounce is happening...the point I want to make is that it is important to be ready before the bounce happens so you can take advantage as the bounce happens...if you are not prepared, you won't be able to act...Be prepared...I'll see you in the weekly wrap....
BMO – ES +12.75 and NQ +23.00 futures are higher about 20 minutes before the open in pre-market trading and point to a higher open… volume is moderate to heavy for pre-market with many more stocks quoting up than down…Financial stocks, XLF is quoting up19 cents in pre-market…
BMO – ES +12.75 and NQ +23.00 futures are higher about 20 minutes before the open in pre-market trading and point to a higher open… volume is moderate to heavy for pre-market with many more stocks quoting up than down…Financial stocks, XLF is quoting up19 cents in pre-market…
In addition to SPY, DIA, QQQ and IWM here are a few of the many bull flag patterns as of Thursday:
Bull Flag Setups – A, ACN, AMD, ARUN, ATI, CAT, CIEN, CROX, CSTR, CHR, DLR, DOW, F, GES, GLW, GMCR, HUM, MCP, NVDA, NYX, SINA, SMH, SNDK, SWKS, SWN, TIF, UNG, UNP, URE, V, VECO, VMW, WDC, ISRG, WYNN, BIDU, CTRP, EXPD, CTXS, ALTR, FFIV, XRAY, BBBY, EXPE, LLTC, SNDK, ILMN, AMZN, QCOM, PCLN, NVDA, ESRX, DTV, MICC, CELG, CHKP
PCLN which was up over $10 after the close is down almost $2 in pre-market trading after releasing earnings on Thursday…this is an example of the occasional gap reversal that occur.
TLT is down -1.25 and the Euro is up 23 pips in premarket trading and as of this moment forming a live hammer…
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX and QCOM are quoting up in pre-market trading…PCLN is lower…
Dave’s Insight for Friday: Bull Flags can be great entry opportunities… Follow your rules…Stay with the trend…Look for re-entry this morning when buying pressure begins to push price back in the direction of the intermediate term up trend…SPX is moving higher as XLF has gained upward momentum in pre-market…Manage your trades based on the price action you see on the charts…
SPX
Resistance: 1,344, 1,352, 1,367
Support: 1,330, 1321
Quoting Down – PCLN, GMCR, FAZ, TLT , IL
Quoting Up – CMG, SINA, WLT, DE, CAT, MCP, CRM, CLF, SOHU, AGU, SLB, DECK, VMW, FCX, HLF, ANF, GS, UNP, URE, MOS, ATW, SWK, X, TIF, RVBD, TBT, POT, FAS, CIEN, JDSU, IAG, SNDK, LVS, CHL, DOWN, LVS, A, IPI, TSL, SLW, CDE, HUM, JNPR, NVDA, PCX, SWKS, VLO, STI, GES, CRUS, GOOG, NFLX, AAPL, WYNN, VIDU, AMZN, MICC, WCRX, JOYG, FFIV, LRCX, CTRP, ILMN, CELG, SRCL, RIMM, ORCL, QCOM, AKAM, MCHP, ADBE, NWSA, ALTR, NTAP, CTXS
2 comments:
"More buyers than sellers" ... Dave, you'll never get a job in the media. :-) That was a great commentary in the AT TR Thursday night. "Dave Johnson here will a news flash!! The market is set to open strongly today due to ... more buyers than sellers!! ... We'll be back after a word from our sponsor."
Steven R.
lol. So true, Steven R.
When my trading partner panics and asks why I am not watching the news when the market does one of its frequent nosedives, I reply that I don't have a trading plan based on the news.
Judy B
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