Author Archive for: Alex - Chart Freak
About Alex - Chart Freak
I’ve been a full time trader for well over a decade and began trading in the late 1990s while working in management and sales at a well-known aerospace company. As my style evolved, so did my success, and it allowed me to leave corporate America to pursue my passion and trade full time.
Entries by Alex - Chart Freak
This was my IBB Weekly chart on June 20th. It is breaking out in bullish manner ( It hit 316 yesterday) and has the potential to get to 330 in a few weeks. The daily chart could back test the break out or it may just bull flag and continue higher.
I will discuss this further later in the report.
So far, The SPX has put in a swing high every 4 days or so, 🙂 and here we see another one. Since we are getting late in the intermediate cycle, and since we are on day 22 of the daily cycle, I am watching each swing high as a possible top. A break of the lower trendline could escalate the selling, so my stop would be below that.
On the weekend, I used this chart to point out that the NASDAQ did find support on the 10 weekly MA. This is often an area that holds as support, so would the markets move higher from here?
The markets did move higher, and I would use recent lows as a stop.
I posted the following 2 charts in the weekend report as a reminder of a few trade ideas that we are currently watching. I have a few more that I wanted to add before the market opens...
NAK - we have been accumulating this on and around the 200sma for months. Friday mornings report showed that NAK was back on the 200sma, and it popped Friday...
We also looked at this chart again...
On Friday we saw some nice follow through on a few of the recent trade set ups, but Let's start by discussing the markets after the Fed decision on Wednesday.
Just a quick report this morning, because today is Friday and it is the last trading day of the week.
NASDAQ - Yesterday I was watching this slight push higher after the sell off, just in case it was a bear flag. The 50sma would be watched for support or failure.
QQQ- About an hour before the markets closed, I posted this chart in the comments / Chat section and pointed out that this actually could be finding support with a reversal at that 50sma. A set up like this can be bought with a stop right below support. TQQQ looks just like this too.
This is yet another very large report, designed to help you to see the many things taking place in various sectors.
Recently using the QQQ I pointed out that prior drop into ICLs did reach the 50sma
NASDAQ - The Nasdaq didn't drop that much after the Fed announcement, but it is possible that it will seek out an ICL now, since we are late in the intermediate cycle length. That would mean that we are currently seeing a Bear Flag.
We've been looking for and discussing clues heading into todays Fed Decision. Let's discuss Tuesdays action...
What is right down the middle? As seen in the weekend report, the analysis for GOLD, SILVER, and MINERS falls into that category, but also the emails that I get from readers seem to be split between Bulls and Bears too. Let's take a look at what happened on Monday.
NASDAQ - 2 charts from the weekend report .
#1 - We tagged the 50sma on a deeper or more prolonged drop
#2 - I pointed out that the NASDAQ held up rather well at the 34 sma on quick short pullbacks. 'BUY THE DIPS' type drops.
The NASDAQ on Monday it hit ( Slightly broke) The 34 sma and reversed, closing above it. Let's see what Tuesday brings, but it is possible that the selling has exhausted for now and will produce at least a bounce. A loose stop below the 34 sma may add safety, however...
QQQ - The 50 sma has held prior drops, and you have to admit, the volume on this drop is pretty serious. That is some strong selling volume. This may or may not be a buy the dip drop. We may drop into an ICL and then resume the move higher. Prior ICLs broke the 50sma in 2016.