The Key $IWM Bounce Zones

IWM2015

Historically, he 30 RSI oscillator is the key end of day support zone for $IWM. This entry is a standalone high probability long signal, for an initial bounce and potential short term bottom, as a swing trade. The 200 day simple moving average is the key long term support line in a bull market uptrend, and usually holds the first time price when it is first tested. $IWM … [Read more...]

10 Facts About the $SPY Chart 7/26/15

spy2015

$SPY is still in a range bound price zone, and is being traded  and not accumulated or distributed in any meaningful way. Last week the all-time high resistance level held and the market reversed back into the trading range. $SPY made lower highs and lower lows for four straight days. The $SPY reached all-time highs on very low volume, and then went down on increasing … [Read more...]

10 Facts About the $SPY Chart 7/19/15

spy2015

As soon as the Greece fear subsided, many traders and investors rushed in to buy after many were on the sidelines. These worriers were fueled by the fear that Greece would set off a sell-off or systemic event. The majority of people wanting to sell were already out, and had to chase the move back up. Shorts covered, causing momentum in the stock market. On Friday, 1/3 of all … [Read more...]

My $XLK Buy Levels

XLK

I will be looking to buy $XLK on Monday morning if it holds above the 200 day SMA. I would enter using the $TECL ETF for leverage, with $XLK over the 200 day and 5 day EMA, with my stop loss set for a close under the 200 day SMA. I would position size so that a close under the 200 day SMA would still limit my total losses to less than 1% of my total trading capita,l even if … [Read more...]

Key Support Levels For $XLE

XLE

I will be watching $XLE next week, and trade any opportunities with price extensions getting $1 under the 5 day EMA to the downside, and also converging near the 30 RSI on the chart. I will be a buyer of these extensions away from the 5 day EMA, and enter long using $ERX, looking for more reversals back to the 5 day EMA. $XLE has been in a downtrend, but did start to firm up … [Read more...]