StrategicTrading

StrategicTrading Updated 

The Russell Small Cap Futures completed their initial upthrust nearly a week earlier than expected. A trend change is underway, as the liquidity data indicated over the prior two weeks. I have taken some profits on my AMEX:IWM Call Debit Spreads, and will look to reload on a pullback, anchored around the Green Flag Zone below. Eventual target for July is the...

StrategicTrading

$NQ_F Nasdaq Futures Weekly chart going back a decade. The Nasdaq Futures have reached the upside objective for the cycle (earlier than expected). If there is a correction from these levels (no sign of that yet, and no need to guess), I intend to look for buying opportunities at the Gray Zone if offered in June - September, for a move back up the range.

StrategicTrading

GOOGL has reached the top of its box structure, after testing the bottom of the box earlier this week. This seems like a decent place to take some profits and wait for the next pullback as we approach earnings season, where I will buy in again.

StrategicTrading

AMZN held its key support at 3029, setting up a move to the top of the current box structure. AMZN might run into sellers temporarily at the top of the box near 3143. I will take a small short there, and buy the dip near the bottom of the box. A daily close above 3143 could trigger a breakout targeting the open gap above near 3249.

StrategicTrading

The Nasdaq Futures broke above their tight Triangle pattern, and delivered the anticipated 500-point move over the past 24 hours. Prices have reached the first upside target (the top of the box). If prices pull back here, I will consider buying again at the black dashed trendline, or the 100 day moving average.

StrategicTrading

After approaching the top of their trading range from last spring, Gold prices plunged lower and are now back at the bottom of that trading range, near 1673. USDJPY is soaring, which often has a negative effect on Gold prices, but for now the precious metal is holding the bottom of its range. The Red Zone is looming above, which makes the next rally important,...

StrategicTrading Updated 

TSLA is nearing a key decision point. TSLA has been under the grip of bearish momentum for weeks, but is now approaching a key medium-term uptrend line. A big move is likely soon, depending on which level breaks first (on a closing basis).

StrategicTrading Updated 

TSLA failed in its bounce, as momentum becomes increasingly bearish. The short-term bearish momentum has taken prices to the medium-term uptrend line, which goes back many months. I have marked that trendline with a Flag. TSLA needs to hold this support zone to avoid a bearish breakdown. One could also wait for TSLA to close above the top of the pattern (the...

StrategicTrading

QQQ is accumulating bearish momentum just below that red trendline. The RSI pattern indicates that if QQQ cannot close above that Red Trendline by Tuesday (Wednesday at the latest), prices could tumble over 400 points and reach the rising trendline near 299. On the other hand, a breakout above the red trendline could target 324.13 Big decision coming. The key...

StrategicTrading

Crude Oil futures collapsed to a key support level after breaking their RSI Triangle structure. Looking for a bounce up to the top of the box, where I will flip to a short. USDCAD seems to be confirming the weakness in Crude Oil, with the Canadian Dollar closing with a Key Reversal Day yesterday. A bounce to the top of the box might offer a compelling selling...

StrategicTrading

We made a lot of money trading this trendline last year, especially in April - October. Swing trading becomes easier when we identify the market's predominant price strucuture. And now it looks like the predominant trendline from last year is back in action, giving us a swing high today (today the S&P Futures closed with a Key Reversal Candle, which is a bearish...

StrategicTrading

This morning, we saw TSLA move to the price zone where it was added to the S&P 500 Index on December 18 - December 21st. As expected, that zone proved pivotal. The activity in the TSLA Option Chain near that zone was enormous. It's always good to be aware of pivotal event zones in the market, such as when a stock gets added to a major index (and therefore enters...

StrategicTrading

USDJPY is declining again, after touching RSI resistance, and Nova triggering our sell signal last week. I will go long at 105.30 yet again for a swing higher. Targets and stops are shown on the chart.

StrategicTrading Updated 

Prices are tightening just below the top of the 4-hour channel in the Nasdaq Futures. RSI is making lower highs. We are likely to see a decision here fairly soon.

StrategicTrading

The key levels here are the Blue Trendline (Support) and the Red Trendline (Resistance). Trading between these two key levels is "easy mode." As the Structure tightens, I will look to trade a breakout or breakdown.

StrategicTrading

The Software Sector is near a decision point. Watch the Flag level next week. A close below that could take $IGV down to the long-term Shield trendline. A close above last week's high targets new all-time highs in IGV.

StrategicTrading

The S&P Futures have broken their short-term uptrend line, and backtested it overnight. RSI support is in play now. The market's behavior around this RSI trendline during the afternoon will give us a signal on the next move (to 3024, or 2960). I'm thinking the RSI trendline holds for now, but we won't know for sure until the closing bell.

StrategicTrading

Semiconductors are pulling back from Price and RSI Flag Resistance Levels. This is the same chart that I posted earlier this week. Breaking yesterday's low could send $SOXX to the 18 day moving average. I will probably buy that and Flag support, which will be near $209 later next week. A break of Flag Resistance or Flag Support on a closing basis unlocks a much...