1499167358.jpg

WEEKEND JOURNAL *Late Edition : Tuesday July 4th.

Posted on Tuesday July 04, 2017

Let’s do a quick recap to see where we stand going into the first week of July after a short day yesterday. I updated some sectors as well so look for that email later today. 

S&P Trapped in a range above rising 50DMA, 100DMA and 200DMA. Bullish technicals in motion. Currently this is a 47 point range and a break above would not only set us to acquire targets already in motion, but also S&P 2500. There is not price action to have us thinking otherwise right now other than just being in a choppy summer trading range.

QQQ – Looks the worst of the bunch. And while it looks like a topping pattern, It held our bull flag low on Monday.  The downside target is 131. Will be interesting to see if the bears can take out the blue trend line or if we just see some choppy downward consolidation into 134ish. I still have no interest in shorting at this time. I need to see much more from the bears to be thinking this is any type of a major top and become for of a seller of rips than a buyer of dips. 

IWM – Still grinding into our 143 target from the inverse H&S. Cup/Handle forming up here. Looking for a break away from this channel to the upside. 

Here are few names to watch. 

WEX – Inverse H&S formation in the Handle of this weekly chart. Take a look at the daily and weekly. Looking for 138 as next target. 

EXPD  – Monthly Ascending Triangle for you long term holders. 

Inverse H&S on daily. If it can hold above 59, looking for a move to 70.

GATX – Bullish range break. Cup/Handle. Huge Short Interest. 

Learn to Find Huge Winning Stocks FREE
Take my FREE 5-Day email course and I will teach you how I profit

Leave a Reply

Your email address will not be published. Required fields are marked *