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Updated the setups list....should be an interesting week ahead.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
Hey Sandeeps...the key level is 66ish where the downtrend line comes into play...should that clear on volume it should make the move. 61.50ish should be the stop area. I think it can make the move in the next 2 weeks as long as the market holds its own.
AJ thanks for the kind note...
I've found the bullish falling wedges such as what AMZN/IPMT on the setups list to be most reliable. Followed by the ascending triangles and inverse h/s patterns. The Cup/Handle Patterns tend to be somewhat more subjective and more whipsawed in general although the moves can be phenomenal.
I've got to think as we near our bigger picture targets of 1230 on the SP 500 and 2230ish that we are subject to some correction by mid January...from there we'll have to see how things setup. Bigger picture (on the weekly timeframe) things look very interesting here. Some great trading opportunities indeed!
Good Trading...Rob
AJ Nice triangle breakout on the Comp today....here are some stocks in actionable patterns.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[h,a]eecayiay[d30][pb50!f][vc60][J42071879,Y...
http://stockcharts.com/def/servlet/SC.web?c=AGYS,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J42187020...
http://stockcharts.com/def/servlet/SC.web?c=axl,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J40741855,...
http://stockcharts.com/def/servlet/SC.web?c=aapl,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J38468539...
http://stockcharts.com/def/servlet/SC.web?c=iivi,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J41835500...
http://stockcharts.com/def/servlet/SC.web?c=jcom,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J41969882...
http://stockcharts.com/def/servlet/SC.web?c=phtn,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,9][...
http://stockcharts.com/def/servlet/SC.web?c=ostk,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J42116655...
http://stockcharts.com/def/servlet/SC.web?c=vwpt,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J41499057...
http://stockcharts.com/def/servlet/SC.web?c=pnra,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J41988207...
Regards...Rob
Setups list updated....lots of patterns in play.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
Merry Christmas to all...be safe!
Ken Merry Christmas....I'll be traveling quite a bit during the holidays....best to all.
Hey Marin
Sorry it took me a while to get back to but had to look up your post. GOOG has plenty of additional shares coming to market but here is my take technically. Should the 50 day break would be out of the position...IMO there are many other better risk/reward plays out there.
http://stockcharts.com/def/servlet/SC.web?c=goog,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60]<i[J413846....
>>>Money flow, OBV reversal would/will be interesting at these levels along with existing RSI divergence...just something to think about.see chart below any thoughts?>>>
Pantmaker if we are forming either a continuation h/s pattern or some type of triangle here divergence in RSI/MACD etc has to be expected. I think whats most important here is price and volume and most important pattern recognition. Most continuation patterns and triangles by their nature form via negative divergence. I favor consolidation here for a move into year end/1st week of January. From there we'll have to see. I have a projected target of about 1230 based on the SP 500 Inverse H/S Pattern seen below...as always time will tell the tale. Good Trading...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J38048491...
AJ thanks for the note....enjoy your work as well :))
Possible Inverse H/S pattern now in place....
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[h,a]eecayiay[d20][pb50!f][vc60][J35823645,Y...
Well look what we have out late tonight...
http://biz.yahoo.com/rb/041216/health_guidant_johnsonandjohnson_1.html
Setups list updated for those interested.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
Futures up about 7 SP points from the 4 pm close...NDX up strong as well.
>>>How do you scan for symmetrical triangles?>>>
AJ it isn't easy. There are no software programs I'm aware of that will search for them. Once a week I spend about 5 hours going over about 4k charts to pick out the best 15 to 20 patterns. I can view 20 charts at a time so it really isn't that bad. If I have less time in a particular week I'll just scan the strongest groups based on relative strength.
Here are a few more triangles that look to be setting up.
http://stockcharts.com/def/servlet/SC.web?c=dlp,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J40289953,...
http://stockcharts.com/def/servlet/SC.web?c=eqix,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J40656172...
http://stockcharts.com/def/servlet/SC.web?c=www,uu[h,a]dhcayiay[dc][pb50!f][vc60][J40741986,Y]&am...
Bullish Falling Wedge here...
http://stockcharts.com/def/servlet/SC.web?c=ipmt,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J40726946...
A tremendous amount of cup/handle patterns are setting up.
AJTJ I have a similar projection on TASR...TZOO is getting tight here as well. I think it could tag its uptrendline in the low 80's but as in the case of TASR its uncertain at best. Interesting that these two volatile stocks have shaped up in similar tight triangles. BTW my scans are showing numerous symmetrical/ascending triangles. Lots of stuff getting tight here.
http://stockcharts.com/def/servlet/SC.web?c=tasr,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J41114429...
The inmates are getting restless at the "ZOO"...
http://stockcharts.com/def/servlet/SC.web?c=tzoo,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J41114600...
AD thanks for that heads up on earnings. I'll be out by 4 pm monday. Much appreciated!!!
Nice breakout move in KFY today....
http://stockcharts.com/def/servlet/SC.web?c=kfy,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][J41087758,...
COO breaking to all time highs...
http://stockcharts.com/def/servlet/SC.web?c=coo,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J41128701,...
SOX 1 year chart....today looks like a nice backtest/shakeout stick closing with a bullish hammer.
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][J41121325...
Nice looking inverse H/S pattern setting up on the 15/30 minute charts...bullish divergence in place.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[h,a]ghcayiay[d5][pb50!b200!f][vc60][ila12,26,9...
Bullish triangle forming on the 60 min Comp chart...
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[h,a]eecayiay[d20][pb50!b200!f][vc60][J40958...
Setups list updated....will be interesting to see how 2153 is handled next week.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936&cmd=show[s40393562]&disp=...
The 80 zone is strong multi year support....expect a bounce soon out of the Dollar.
http://stockcharts.com/def/servlet/SC.web?c=$usd,uu[h,a]dhcayiay[d19901130,20041230][pb50!b200!f][vc...
Setups list is now updated....take a look at some of the index charts. Some nice moves today. Please vote if you like the charts...TIA. Many semi's in nice bases here longer term...
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
SP 500 broke out of a triangle today that measures to 1210...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[h,a]eecayiay[d20][pb50!f][vc60][iub14!la12,26,9]...
Very impressive SP 500 triangle forming...if this clears 1187 we should see 1210 fairly quick...expect an upside resolution.
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[h,a]eecayiay[d20][pb50!f][vc60][iub14!la12,26,9]...
NVLS guided to the high end....also check out CHS/CI/OVTI in after hours action....
NVLS guides to the high end....up about 60c ah....OVTI up very strong...perhaps this will jump start the semi's ahead of the INTC report.
Bullish symmetrical triangle forming on the SP 500 60 minute chart....
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[h,a]eecayiay[d20][pb50!f][vc60][iub14!la12,26,9]...
>>>Aren't descending triangles bearish, by definition? I can see that breaking up and out of that pattern on good volume and holding the breakout would be bullish, but until that happens, shouldn't we assume the downside?>>>
Hi Ardent...Good question and here's my take. Descending triangles are bearish in downtrends but in uptrends bigger picture I've found them to be often quite bullish. The descending/lower highs tend to draw in lots of shorts adding fuel to the fire when they make the breakout moves. Also, I take into consideration the market winds which have been positive the past couple of months that also factors into my expectation in this play. I favor bullish outcomes in bullish market phases and vice versa. If one was to short this play this would be the place with a razor tight stop. Should that downtrend line break in convincing fashion (on a closing basis) I think it runs fairly hard. As always time will tell the tale.
Good Trading....!
Glad to hear your surgery went well....would be careful shorting GOOG near term should it take out its downtrend line....if this bullish falling wedge/triangle breaks to the upside it'll run hard.
http://stockcharts.com/def/servlet/SC.web?c=goog,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60]<i[J389308....
Agree with your take....posted this yesterday...
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[h,a]eecayiay[d20][pb50!f][vc60][iub14!la12,26,...
Here's my take on Google...if that downtrend line goes on volume look out above.
http://stockcharts.com/def/servlet/SC.web?c=goog,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][j38930838...
AJ im with you as I've got a projected Inverse H/S target of 1230 on the Comp....the broad indices have ALREADY broken out...namely the Wilshire 5000/SP 500/Russell 2000 all are showing symmetry. Only the semi's are holding back the Nasdaq and many semi's are in longer term bullish bases. Most have made first tests of the 200 day such as the SOX...and are now in consolidation for further moves.
Here's my take on the SP 500...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J38048491...
Here are some selected semi's in bullish bases...imo the houses are downgrading the semi's across the board while the technical action suggests accumulation....I expect we'll see upgrades in a month or two down the line. If the semi's start rallying the market will do well...
http://stockcharts.com/def/servlet/SC.web?c=nvls,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][j40151486...
http://stockcharts.com/def/servlet/SC.web?c=brcm,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,9][...
http://stockcharts.com/def/servlet/SC.web?c=amat,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,9][...
http://stockcharts.com/def/servlet/SC.web?c=intc,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][J36894886...
http://stockcharts.com/def/servlet/SC.web?c=pmcs,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,9][...
http://stockcharts.com/def/servlet/SC.web?c=vsea,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][J40127713...
As always time will tell the tale...good to see plenty of bears on board.
>>>Plexxus: The futures are trading? That's sick. Guess I'll have to cancel Thanksgiving at our home. Gonna call the family now, toss out the turkey....wise guy!>>>
LOL Lee didn't ya know that you were expected to be at work today <g> Have a good holiday!
Nice futures bounce this morning...NDX up 10 over the cash close.
The 5 minute Comp and SP 500 charts are coiling....
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[h,a]iecayiay[d3][pf][vc60][J40104371,Y]&...