Quick Summary:
$SPY remounts 200 dma and negates double top pattern. Stopped out of SPY short. Adding stocks to focus list: $BITA, $PANW, $MNST, $BABA, $BIDU, $GMCR
Video Analysis:
Here is the intra-day video (3 minutes)
Key SPY Pivot Levels: Round number $200, Old high 202, 200 dma 190.76 197.54, 50 dma 196.81 recent lows 181-182
Under the Hood and Trading Game Plan:
We can get back to the regular format for the Report. With today's remount of the 200 dma, along with a number of our focus list stock acting well and clearing major levels, the focus list is back and we can start to key in on individual stocks.
SPY not only remounted the 200 dma, but it negated the double top formation by clearing the bottom range line. Not only did it clear to major levels, it did so on very strong price action by closing strong at the intra-day highs and printed a large candle.
I will still take a wait and see approach and see if we get a pullback here for entry, and start to watch individual stocks more closely.
Current Trades
I exited the SPY short for a loss.
The Trade Results Journal/Spreadsheet
The Focus List
New focus list sector IBB broke strong, nearing new highs. Watch for breakout or pullback to gap fill.
IWM has a very strong volume pattern. A pullback to $108.50-109.50 with a target near the overhead gap fill and moving average provides a good reward to risk.
Qs are similar to SPY, but keep an eye on the more pronounces lower gaps.
While I am still cautious with regard to individual stocks, I am keying in on some of the better performing ones on my watch list. While I am not posting entry level until we are clear about adding longs, all of these look attractive on a light pullback.
$BITA, $PANW, $MNST, $BABA, $BIDU, $GMCR
Please read the post 23 Laws of the Part Time Swing Trading the Market Speculator Way and How to Analyze Your Swing Trade Results It is important to know these rules if you trade off the Report.
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