Trade Setups

People – support and resistance – that’s what matters most in this market. The bulls have plenty of support underneath them, particularly with the 2801 level, and they have very little resistance above them. The one spot being, at this point, the all-time highs established in January. 

Look, I’m not going to ‘poo-poo’ on this market rally today, but let’s face it: Apple (AAPL) reports after the bell today, and we know that earnings in the technology sector haven’t been the best. Sure Amazon (AMZN) had a momentary pop and Alphabet Google (GOOGL) soared, but then you have the unexpected floggings in Facebook (FB) and Netflix (NFLX).

I didn’t place any trades on Friday, and I have yet to make any trades today.  In fact, the way the market is trending today, I don’t expect there to be any trades today either. 

If you are a bull today, then today frankly sucks. The trading sucks too.  I came into today, wanting to add some more long exposure, and even do so aggressively. I ended up only adding one new position to the portfolio, and even that one I regret. Not because I didn't follow my trading plan,

All systems are a “GO” for swing-trading this week.  That is, as long as 2801 holds on SPX, because that is a key level of support that, if breached and closed below, will send the market back into a non-committed area on the charts, where price tends to languish, or as the dating world would

You’re Seeing SPX today, smash through the 2801 barrier representing the March highs, that previously acted as heavy resistance.  And you want to short the market now? 

It is tough to say, whether the bulls will string together a third consecutive week higher.  They have come out of the gate flat to start the week, and unless you are trading in the financial sector, you aren’t likely to see much in the way of profits today. There’s a clear surge of volume

I think the bulls are probably starting to stretch themselves a little too much here.  A lot of resistance on the charts, and the bears are close to confirming an inverse head and shoulders pattern, which means that neckline will offer quite a bit of resistance going forward. 

The Bulls are running today, but as has been the case of late, it is rotating sectors each day.  Basically whatever sectors are leading the market one day, is what will be lagging the market the following day. Technology is struggling today, after leading the market on Friday. Despite the market trading higher, the breadth

The market gave the bulls a good scare this morning.  I was stopped out of one of my positions in the Splash Zone, none of which I was pleased about. However, once it became obvious to me this market had every intention of bouncing higher, I re-entered the trade (with a stop-loss of course) and