Markets notched new intraday highs on strong economic data, but failed to hold. After failing to retest the early highs, prices retraced back to session lows. This leaves the S&P with two consecutive shooting stars and possibly a tweezer top reversal pattern.Keep an eye on economic data tomorrow - durables in pre-market, followed by new home sales at 10:00 EST and crude inventories at 10:30.
If you have POT on your focus list, we lucked out again today with a bearish h pattern. Quite similar to Jim's CME bearish flag yesterday, except the consolidation has more of a curve. Price penetrated support from 3 PDLs (red line segments) and tried to save itself through a lengthy period of price/volume contraction. But the bears were victorious on the expansion. Once support gives way, all the preset stops trigger resulting in a fast move to the next support level.
5 comments:
Could not trade today but I had a feeling that POT would do what it did after yesterday's action.
I am happy you caught it!
Cheers.
Thanks Anarco,
Congrats on your SHLD trade yesterday!
Yes Jamie, POT was always on my WL. But then I traded ICE twice and got killed in the process and I lost my focus early. I just watch POT afterwards eating the dust.
By the way Jamie, I thank you so much for letting/permitting me make comments right away. I can assure you that my comments will cover/based only about the subject you posted. It's a pleasure for letting me. I can tell, your blogs molded my learning curve and I have two folders of 3 inches thick full of prints all about your post that I always read to further my learning. I am so greatful about your blog. And one thing, it did not cost me any penny as compared with all the trading crap books I acquired, the prints that I collated from your blog equally vested all the amount I spent in buying books. Best regards Jamie.
GD,
Thanks for the kind words. ICE is not on my WL. I prefer CME.
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