BA has been maintaining a bullish sentiment. On the daily, it looks like a potential bear flag; however, historically BA daily charts don't really follow through with bear flags. I expect maybe a V shaped path followed by a fall to the downside.
My linear regression model of BA shows to watch for highs of around 206 - 209 to the upside (there is strong resistance around 209 on the charts as well) and lows of 190-198. However, based on how BA traded yesterday, IMO if we fall below 194 we would be heading down aggressively. These values are adjusted (by me) based on the SD and chart support/resistance levels.
I would be short biased in the 206-209 region, long biased in the 195 - 198 region. If we fall below 194, I would be short biased for a bigger move.
I was originally swing trading a BA short from 205 tomorrow with an exit of 198 for tomorrow, but I ended up hitting buy instead of sell for SPY on a trade today and ended up accidently wiping out almost all of my earnings today (it took me 2 minutes to realize what I had done and SPY immediately started free falling once I hit that buy button of course). So I decided to take that profit at the end of day to just call it a break even day.
Tomorrow is going to be a disaster though, with earnings and FOMC meeting. These are things that can't really be accounted for in modelling so I am going to be extra cautious. However, based on SPY and DIA's behaviour, I expect a hard bearish start to the market tomorrow.
DISCLAIMER:
NOT FINANCIAL ADVICE!
I am not a financial planner or know anything about finance. I am an ex Nurse/Epidemiologist and literally am just inputting market variables into models used for infection rate case predictions, which has yielded mixed results over the year, but enough for me to support myself and dog :-).
I do my linear regression in SPSS so cannot show you the plots or histograms, but if you have any questions I would be happy to answer them!
My linear regression model of BA shows to watch for highs of around 206 - 209 to the upside (there is strong resistance around 209 on the charts as well) and lows of 190-198. However, based on how BA traded yesterday, IMO if we fall below 194 we would be heading down aggressively. These values are adjusted (by me) based on the SD and chart support/resistance levels.
I would be short biased in the 206-209 region, long biased in the 195 - 198 region. If we fall below 194, I would be short biased for a bigger move.
I was originally swing trading a BA short from 205 tomorrow with an exit of 198 for tomorrow, but I ended up hitting buy instead of sell for SPY on a trade today and ended up accidently wiping out almost all of my earnings today (it took me 2 minutes to realize what I had done and SPY immediately started free falling once I hit that buy button of course). So I decided to take that profit at the end of day to just call it a break even day.
Tomorrow is going to be a disaster though, with earnings and FOMC meeting. These are things that can't really be accounted for in modelling so I am going to be extra cautious. However, based on SPY and DIA's behaviour, I expect a hard bearish start to the market tomorrow.
DISCLAIMER:
NOT FINANCIAL ADVICE!
I am not a financial planner or know anything about finance. I am an ex Nurse/Epidemiologist and literally am just inputting market variables into models used for infection rate case predictions, which has yielded mixed results over the year, but enough for me to support myself and dog :-).
I do my linear regression in SPSS so cannot show you the plots or histograms, but if you have any questions I would be happy to answer them!
Premium indicators and content have launched! Get access at: www.patreon.com/steversteves