AAPL exhaustion gap:
GS sits on top of a long running Support/Resistance pivotFCX printed a shooting star on waning momentum
Looks to me like a complex Head & Shoulders top in XLE. What I like here is how price is wedged between a short & intermediate Moving Average that looks to be crossing in a bearish way. Also, the momentum oscillator is correcting into the slow line (think; momentum, pullback, extend).
Now take a look at the range we find ourselves in:
IWM - though open for interpretation, I'm seeing a bear flag. A measured move of which would put us right back to the bottom of this sideways range ($67).SPY- While this one is looking like a H&S pattern with a measured move, again, back to the lows of this range ($115-ish).
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.