TrueTraderOfficial

TrueTraderOfficial

Any push back up into the underside of the 20d/50d/monthly pivot/annual pivot area of confluence should offer some extremely strong resistance. Of course the more emotional the push into those levels is, the more I like it. TV chart link:

TrueTraderOfficial

Hmmm, now where have I seen this name before? Oh, that’s right! It was from our sector analysis earlier where we identified the relative weakness. With an ATR of 2.6, any hard pop back into the 200d should offer a nice opp for a fade. Would even consider leaving room to add at the quarterly pivot at 75.32. TV chart link:

TrueTraderOfficial

Big volume day with a nice big green candle. Technically it broke out over that 82 level, so now I would like to see pullbacks hold some support. You can see the dips on Friday held around 79.40s, which also is right at the 61.8% fib level. Thinking any early flush to that area on Monday can be watched to see if they support it. If they gap it up, you can always...

TrueTraderOfficial

Another week of sideways action, another week closer to creating the base needed for a healthy, substantial move higher or lower. You can see early last week we tested the lower end of the channel, and immediately found buyers down there. Interested to see how this eventually pans out. But so far, it’s digesting very nicely. TV chart link:

TrueTraderOfficial

So like the S&P, the Nasdaq pulled back as well. But unlike the S&P, the Nasdaq’s pullback was shallow. It just made it back to the 20d, and I really wanted to see it closer to the 50d. So again, I think that the higher we go without a pullback to deeper areas, the more likely I am to look for short setups. Keep in mind, if at any time this week we DO pullback to...

TrueTraderOfficial

The market gave the retrace back to the 50d like we were thinking it could. But the problem for me is that it didn’t spend any real time down there. Instead, it immediately bounced and we are already back at new ATHs. It really gives me concern about whether it can actually hold. Only time will tell, but moving forward, I will be pretty cautious with longs. As...

TrueTraderOfficial

You have the 20d at 68.40 in the middle of today’s move. Only $1 down from where it closed. If this can clear over 70 it could jump a few points.

TrueTraderOfficial

Below the quarterly pivot and previous low. I’ll watch to see if it wants to continue. I get the feeling it wants to push back to these previous highs near the 181 area.

TrueTraderOfficial

It closed at the 200d and above the 50d. If it clears this level I think it could be testing this 29 or 30 area.

TrueTraderOfficial

It didn’t get a bounce today. I was watching for a reversal. Now we have the 200d and monthly pivot. It might be too close. If it’s already at that level tomorrow I’ll look at the 39.25 area.

TrueTraderOfficial

There’s a weekly off the 80 area. It held that area today.

TrueTraderOfficial

The 50d, the monthly pivot, and previous low. Lots of confluence there. The quarterly will also catch my eye. IF it never gets down to that level, I’ll also be watching 62.80.

TrueTraderOfficial

50d, pivot and closed on highs. I would love a pull back to go long here.

TrueTraderOfficial

Monthly pivot and 200 day. I’m looking for a 2-2.5 point move off the previous day high.

TrueTraderOfficial

You have a 50d, 200d and a previous close all bunched together. Lots of support. Careful, it’s lighter volume.

TrueTraderOfficial

It broke resistance and closed above the 50d. My thoughts on entry is on the quarterly pivot area and today’s low.

TrueTraderOfficial Updated 

The long we go sideways, the healthier this becomes. But decided to throw the weekly chart in there this week to point a few things out. You can see the weekly 20sma has rolled over and is now heading down. My guess is that we just stay pinned between the weekly 20sma and the weekly 50sma until they converge. If we can just hang out sideways in this range until...

TrueTraderOfficial

If the numbers are good and this gaps up, I would be looking to fade if it spikes into the monthly pivot around 147.