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Weekend Journal Sunday May 14 2016

Posted on Sunday May 14, 2017

 

FYI: My TC2000 won’t launch today, so I’m going to keep this short today as I don’t have my scans and watchlists. I’m confident it will get resolved and will write a longer report tomorrow.

Weekly Summary:

  • Potential failed breakout
  • Bullish inverse H&S still in motion
  • Minor topping pattern under construction


SPX


 

The Bottom Line:  

After starting a bullish inverse H&S breakout to close the month of April, the market has stalled and gone sideways at the former all time high of 2400. What we are now watching is whether this minor topping pattern indeed turns into a bearish setup or if it is just handle like construction for a larger move higher. On the bullish side of things we have the bullish range breakout from the 2015-2016 consolidation, long with the bullish inverse H&S shown above. With these two bullish patterns in motion, one should be skeptical yet respectful of the bearish setup shown. My thoughts are to remain patiently bullish above the May lows, and more neutral below it, but still maintaining a bullish bias. There is not enough topping type price action to be bearish, but I will be looking to protect profits if this little top indeed triggers. I’ll get a more detailed report out tomorrow looking at some sectors and individual names. I expect my TC2000 issue to be resolved by then. 

All of the charts and commentary below are provided as information only and do not constitute a trade recommendation nor investment or trading advice. Any investments, trades, and/or speculations made in light of the ideas, opinions, and/or forecasts, expressed or implied herein, are committed at your own risk, financial or otherwise

 

 

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