Wednesday, August 23, 2017

Futures Point to a Lower Open Following Tuesday's Strong Rally...


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Before the close Review of SPY, VIX, SPX sim trade demo on SPX IC posted 3:59 pm ET
© 2017




After the Open Review of SPY, retracements after strong trend days, IWM, DIA, QQQ, TLT, VIX, WDC, TSLA, NVDA, CCL, MU, LRCX, bull flag setups since Friday TSLA, CRM, MU, AAPL, AXP, CCL, ADBE, MCD, V, LRCX, PYPL, KSU, SYMC, AVGO, VIX, IWM, DIA, QQQ, SPY...
© 2017



9:59 am ET...MU is a horizontal resistance breakout setup...


9:58 am ET...CCL is a bounce setup nearing a trigger...


9:55 am ET...NVDA is a bounce trigger...


9:54 am ET...TSLA bounce trigger and a horizontal resistance breakout setup...


9:46 am ET...WDC is a horizontal resistance breakout setup...


Pre-market down:  STX, WYNN, SBUX, MU, NVDA, TSLA, AMZN, PYPL, NFLX, ATVI, JPM, HD, MMM, GS, AAPL, MSFT





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9 comments:

Unknown said...

Many thanks Dave

Should have realized to include the gap into the price action or candle when estimating the 50% or R1/S1. I use the fib to measure the 50% of a candle.

The comment on AVGO was telling; but could you expand a little on the upcoming earning event(tommorrow) as far as think a few moves ahead. I noticed it gapped up on the last earnings event and wanted to know what are the possible scenarios one trader could plan with this potential action.

Fred from Miami

Scott Avery said...

You are right - We should refresh the browser OFTEN during the day. Those real time evaluations on the different stocks are priceless. I"m glad bought the super deluxe premium subscription package with you so I can get those live updates....Oh wait a minute - This blog is available everyone at no charge! And it's more usable then the expensive blogs that charge. Go figure.
I actually got into WDC yesterday as I'm always looking for reversals AND in my mind it was a breakout of the 8/16 candle.

Steph said...

testing

Unknown said...

Thanks Dave for demonstrating the use of Fibs when we have a pullback such as today. That was helpful as my Fibs were still on the last down move. The many insights you point out on the way the pros trade are also very helpful. Not quite half way to my Ten Year Diploma.

Bst/Rgds
Bob Leake

Don said...

Dave:

Could you explain the difference between the 15 Sep 17 Option Chain (22) and the 15 Sep 17 Option Chain (23) (SPXPM) (Weeklys).

Is there an advantage one over the other when setting up Iron Condors? Thanks

Fav said...

Dave
Thanks for another noise free and insightful video.

Unknown said...

In todays SPX IC - the 80% was 40 points out for the call while 60 points for the put- Can you please explain the reason? that kept me thinking and would like to get your input

Michael Hayes said...

Hi Dave
not sure if you have look at TTWO
nice trending stock like RACE but have better options

Thanks
Mike

Scott Avery said...

Don, to your question. If you look at the options listing on Wed the spx (22)day options are the monthly spx options and are listed in white. They stop trading on Thurs close but wait until Friday open price for spx to settle their price. They are called AM options because they settle on Friday morning. They are OK to trade but you HAVE to get out before the close of Thursday if you want to avoid any settlement surprise.

The (23)day options are the weekly options and are listed in yellow. They are called PM options because they stop trading Friday at close and are also settled then so you have to get out before the close on Friday. That's why TOS gives them one more day in value.
Again either one works.I always do the weekly (yellow)options that close and settle right after the market closes in the PM. I'm answering this question on Wed night so if you view that chart on Thurs the numbers (22) and (23) will of course become (21) and (22) because another day will have evaporated.