S&p 500 Index is right at its upward channel support. It has moneyflow divergence. We think it will decline Breaking the upward channel formation. Break of upward channel will bring it down to a target of 2260. Interestingly on the weekly farm SPX is in upward channel support, and break of that suggests a similar target.
Last night we talked about a Head & Shoulder on the SPY, and discussed Taking 238 Put option position on SPY. As entry criteria we discussed SPY to run upward around 237.50 - 238 to form the Rigth shoulder & drop from there. Surprisingly SPY went up at 237.50 in the morning. We considered to take a 238 March 24th Put option for $0.64. After that SPY ran all...
SPY appears to be in a short term H&S pattern. It may reverse to $38 area to form the second shoulder & that will be place where we would look for shorting opportunity. At the break of H&S it can decline to $233-34 area. * Trade Criteria * Date first found- March 20, 2017 Pattern/Why- Possible Head & shoulder formation Entry Target Criteria- Break of...
GPRE seems forming a Long term double tap Head & shoulder formation. It also has a lot of insider selling. Aggressive trades may want to enter into Short trade now, but we would like to wait a bit for perfect entry. * Trade Criteria * Date first found-March 16, 2017 Pattern/Why- Long term double tap Head & shoulder Entry Target Criteria- Break of $24 or...
TBRA forming a fallen angel pattern. After a huge fall it was consolidating but recently showing some strength. We think it will go up from around 6 or higher. You can check our updated analysis on TBRA in the trading room/ Executive summery link here- www.youtube.com Time Span: 5:00" Trade Status: Pending