AspenTrading

AspenTrading Updated 

After a month of sideways chop, perfectly contained by 7.67 & 6.99 (ORANGE), we now have a path towards higher levels at 10.23 (RED dotted line). S/R's.

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Another victim of higher rates, fickle consumer behavior, and a disconnect from reality. All avoidable, of course, if you kept your wits and traded with discipline. The break of 10.03 (RED) spells the likely end of bullish dreams. S/R's guiding the way, as always.

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For a few weeks now .5730 (ORANGE) has been the upside target for rallies off of both .5630 & .5550. It played out that way again earlier today. Still rangebound, but the S/R's keep the path clear and prevent getting too bullish....or bearish.

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Bottom pickers and averaging down never work in the long run. Rather trade with the trend. The chart for TSLA offers a great short level at 222.92 (GREEN) and suggests we see prices track lower towards 211.58 (GREEN). Aspen S/R's in action.

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Good Morning. While all trades look easy in hindsight, they rarely are in real-time. Case in point this morning. The S&P's struggled all morning and then experienced a sharp sell-off right into 4083 ....where a KEY Aspen S/R was waiting to provide the catalyst higher. Since then, it has been a straight shot higher with a target of 4122 . Dave

AspenTrading

My answer is most likely. Technically we will see 110.96 hold (GREEN) and make a push higher above 111.26 & 111.72. Fundamentally, it's likely we have peaked in terms of inflation. Many measures suggest that is the case and sentiment is skewed towards being too bearish on Notes/rates. Certainly a contrarian play, but not just for the sake of being contrarian.

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Last Friday's bullish thrust higher above 3871 (ORANGE) was the first technical sign that the bulls were taking control. On Monday we tried to move lower but held the 3892 level (GREEN), further building the bullish case. Next target? 4039 (ORANGE)

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Before someone says.....hey Dave, this is after the fact analysis.....let me assure you that these levels were known BEFORE the open. Any current S/R Levels subscribers here at TradingView will be able to attest to that. But the important points to make is not just the levels, but reading what the market was doing when those levels were approached. When prices...

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See the chart and comments within for my thoughts. Have a great trading week, Dave

AspenTrading

Let me just put it out there, 4654. If we hold there, we have a solid chance of heading towards 4705. Below and it's 4550. That's how I see it. How I or you play it (i.e. short or long) will be dependent upon market conditions. There are no absolutes, but if you know the levels where prices can react, you are that much further ahead of the game. Dave

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NOTE: some charts I note in the text below cannot be displayed because they are non-TradingView images. Good Evening. Normally I do not post on Friday evening, but there is not a time sensitivity here and frankly, I am hunkered down fending off COVID running rampant in our area. As you have seen in the morning posts this week, the focus has been squarely on the...

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Prices have traded back above the lower end of the ORANGE zone at 123.99, re-tested it and now look poised to move higher towards 137.37+ ---------------------------- In Trading, Objectivity Trumps Subjectivity “Every trader is a steaming hot bowl of bias stew and must maintain self-awareness and lucidity behind the screens as the trading day oscillates between...

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Ford (F) has been doing a dance with the ORANGE zone for about a month now. I'm expecting prices to hold above 20.27 and definitely 19.21 (stop-loss) on the path to higher levels. ------------- In Trading, Objectivity Trumps Subjectivity “Every trader is a steaming hot bowl of bias stew and must maintain self-awareness and lucidity behind the screens as the...

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Hormel Foods is on a tear. After being trapped under 43.54 for a few sessions it ripped higher blowing right through the most significant of the Aspen S/R Levels (Purple) and went right Red @ 48.84. Use any consolidation or pull-backs to go long with an upside target at 51.07 FYI: all the lines on this chart have been here all year - no drawing in lines after...

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The 980 level had been pivotal on several occasions....not prices have finally taken it out. We could easily see a move back towards 750. Right now we are kind of in no-mans land in terms of key S/R Levels to play off.

AspenTrading

The initial touch of 463 slowed the selling. Will it offer more or just a pause on the way to lower levels? Trade the levels and try not to do too much forecasting and thinking. Dave

AspenTrading

Traders have a great opportunity for shorts or even a long if 46.18 holds. Either way, that level is in play.

AspenTrading

SBUX - ouch....it's gonna need a venti with extra caffeine to get the bulls interested. The break of 110 points to 86 You know why most technical analysis falls short of your expectations? It’s too subjective! RSI and stochastics measure periods of overbought and oversold….but this measure has a defined range and o/b and o/s don’t always mean the party is...