SPX is approaching this rising trend line resistance. Respect your trade plan.
Longs:
V – Continues to consolidate in this bull flag pattern. I am watching for a push higher and a test of the recent highs.
MA – Similar chart to V. Great looking consolidation pattern and could easily break higher and test recent highs.
LVLT – Watching this longer term bull flag and continued tests to break out of this resistance level. I started a small position on Friday and I will add to it clearing these levels with heavy volume.
EW – Nice volume on Friday and a close near the daily highs. Watching $95.00 level for a buy entry. Will need heavy volume.
MGM – Casinos have put in a good run in January, I’d like to see MGM clear $13.02+ on over 20m shares to get long and start the next leg higher.
ALXN – Noticed the base this has created and it’s testing volume resistance levels. Will need some good volume to breakout and based on the sellers last week I’m guessing this will be rejected. Watching.
Shorts:
LTD – Large selling volume last Thursday & Friday. Closed right on volume support & if selling volume continues I expect to to see a retest of $45.25-45.50.
PETM – Large selling volume and lower volume consolidation. Text book bear flag pattern. Moving averages are catching up to the price action and multiple support levels and a large open gap below. I’m watching for continued downside.
FIRE – Same trade plan as last week. I’m currently in this position already –got hit on overnight news but the plan is still intact. Open gap/support below.
Back and forth the leaders sway,
@AffluenzaVirus
