New trading range?
The market has done a great job holding the 100 SMA and today’s bounce again on the 100sma on bad news makes us think we’re carving out a new trading range.
The top of the blue rectangle on the $SPY will most likely fail on the first test as it is formidable resistance. It’s nice to see the bottom hold today on bad news. It’s quite possible we’ll stay in this new range for a while.
Note how the Sunday night lows on the $ES_F on the 100sma have held all week — the 100sma has been golden this week.
We should have rallied yesterday on Euro action and we didn’t. We should have sold off hard and right now market is green (we’ll have to update at the close). That’s the type of action you want to see when short-term bottoms are being made. Too early to tell right now but so far we like what we see.
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Overshoot post trend-day, daytrader talk AAPL
Posted by admin on April 23rd, 2012 at 3:21 pm, Comments: 0We had written on stream and in our newsletter about AAPL 568 many times over last two weeks– it was a magnet and action point. [...]
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Clean flag
Posted by admin on April 20th, 2012 at 10:04 am, Comments: 0It’s not often we see such a clean pattern on an ETF like the $SPY. Smack in the middle of the flag creating a chop/scalper [...]
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No man’s land
Posted by admin on April 4th, 2012 at 10:43 am, Comments: 0We wrote earlier this week that no sector does fake breakout/breakdowns better than the commodity sector, and copper ($HG_F) is certainly no exception. Breakout [...]
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The widening rift
Posted by admin on March 28th, 2012 at 11:50 pm, Comments: 0As our readers know we trade and observe the $OIH a lot– it’s one of our best tells, and it was one of the [...]
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Assessing the damage
Posted by admin on March 22nd, 2012 at 5:48 pm, Comments: 0Market finally had a pull-back; let’s assess the damage. We posted the $OIH 41 trend-line support yesterday– other traders were obviously looking at same spot [...]
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My favorite workout (with details and modifications)
Posted by admin on March 14th, 2012 at 1:55 pm, Comments: 0Last June I posted My best purchase in a long time which gave a detailed account of my new home gym. Indeed it was a [...]
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All tells eventually die, case study, the Euro
Posted by admin on March 14th, 2012 at 11:26 am, Comments: 0We’re big into “tells”. Every market phase has it’s own tell– for example in the last few years we’ve obsessed over Goldman ($GS), Apple [...]
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So much easier to like the long side with the financials behind your back
Posted by admin on March 11th, 2012 at 12:37 pm, Comments: 0Having conviction on the long side (which is essential when it comes to buying pull-backs) is a lot less stressful when financials act this [...]
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Four Oil Support Ideas
Posted by admin on March 6th, 2012 at 12:42 pm, Comments: 0Today is the first day in a while that buying support hasn’t worked. Even yesterday it worked great (we had $APA 105 support on our [...]
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The HCPG team has been trading professionally since 1997 and founded The High Chart Patterns Newsletter in 2006. More »
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Recent Posts
- New trading range?
- Overshoot post trend-day, daytrader talk AAPL
- Clean flag
- No man’s land
- The widening rift
- Assessing the damage
- My favorite workout (with details and modifications)
- All tells eventually die, case study, the Euro
- So much easier to like the long side with the financials behind your back
- Four Oil Support Ideas
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