Price has been trending downward as seen on daily chart. 4-hour chart has shown short term rallies in price that are weak on strength to reverse daily trend. Short on next attempted rally to capture next impulse move downward.
Short Term Long - Swing Trade
Daily chart exhibits range bound trading
Two long entries based on 1hr/60min chart
#1
Stop: 458
Entry: 465
Target: 515
#2
Stop : 475
Entry: 478
Target: 515
Entering at origin of today strong selloff - price initially dropped from from 261 to 255 in 2-3 5 min candles almost vertical drop - a signal for strong selling pressure/ absence of buyers or combo of both. Keep stop slightly above dead high.
Profit target above morning gap at $248 level.
Price is currently in areas where S&P began strong downtrend momentum in price
On 15 min - areas highlighted shows potential turning points where there is strong resistance to upside.
Areas in purple shows profit targets.
Two areas of strong support where price reverse or stalled and raced higher - still not convinced uptrend in S&P is broken - under pressure absolutely - best to buy now. Is price breaks through these areas and closes - then trend can certified to be ending or ended
4h - is showing a series of Higher lows - could be the very forefront a downtrend in price
Daily shows similar pattern
Fresh resistance zone - price has not had retracement near level or tested zone
Entry is at 104.68
Stop at 104.95
Targets to look at are 103.45, 103.2,and even 102.8
Charts show short-term correction on 1hr and 30min time frames
4 hr and daily show strong uptrend
Entry at between 536 and 531
Other areas of possible entry:
1) 548-550
2)544-546
3)539-542
Strong uptrend in correction seen on 1hr chart
Enter long between 99.10-99.44
Exit on 101.4 also may consider earlier exit at 101
Stop on 99.10
Other notes - possible formation of double top?
Daily trend in uptrend with current short term correction.
-Strong level of buying identified on 4h chart
Swing Trade Setup
- Entry between 20.23 - 20.05
- Stop at 19.95
- Target is 21.08
- Reward: Risk is 3:1
Strong level of resistance between $9-9.33, price will more than likely reverse from current uptrend perhaps inducing a corrective phase in long term uptrend. Could short stock or use options and use entry price of $9. Seeking to cover at $7.3. Potential for nice 4:1 reward to risk trade.
-Strong level of institutional buy between 19.04-18.24
-Overall weekly trend is up
-Fundamentals improving on strong uptrend
-Recently hit strong institutional selling (23.05 - 23.76) level on weekly; pierce halfway into range
Stop: 18.24 Entry - 19.04 Target: 23.50
