With earnings season upon us,I will be watching individual stock option trading for "tells" regarding their direction. But overall breakdowns in major indexes will make the short setups have a higher probability of success,n than the long setups.
Looking for a nice reversal this week to test highs. Could even see a breakout to highs.
Possible triple top forming, in conjunction with a possible tweezer top. If instead we move higher, i'll go long with stop under 82 as support, with a target of July highs $85, risking $1 to get $3. If instead we get a tweezer, i'll go short with a stop above tweezer tops, target would be bottom of channel at $78, risking $1 to get $4. This doesn't always work...
Daily & Hourly charts lining up at overbought levels. Short target of $78 in play.
Noticed the breakout rejection as no new highs were made. It did manage to break through both channel's resistance but was beat back down shortly after. As the hourly is not quite overbought, we could see a potential retest of the upper channel before rolling over. The daily is really overbought and has signaled a short crossover. Nice trade setting up over...