My entries were around the lower range of the day for both of these trades.
My exit for CAAS was made lower. BCLI met the target today so I’ll look for a failure to make new highs or take out a candle low or I may exit on a close below the target.
Maybe a reentry in CAAS?
As usual, I start with a list of optionable stocks with available weeklies and look for some kind of setup. Usually I am looking for a 1-2-3 reversal.
A bullish 1-2-3 setup will form a low (1), break the longest downtrend from highest high (2) while ideally forming an equal high, and then set up by dipping to form some kind of dip or consolidation (3), which will also usually be consistent with an “aversion” type of setup.
A bearish 1-2-3 setup will form a high (1), break the longest uptrend from lowest low (2) while ideally forming the first equal low, and then set up by ripping or forming some kind of consolidation towards support (3), which may be consistent with a “subtle warning” on sentiment chart.
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a few bullish setups
Some of these bullish setups have not yet broken the longest term downtrend from the highest high, but are either consolidating some kind of triangle bottom, or at least have broken a shorter term downtrend and have set up.
I still have more to look through but for now here are some potentially bearish setups
Some of these are just potentially setting up for a secondary correction within a longer term bull market as they have not yet broken the trendline from the lowest low, and I haven’t yet looked at every shorter term chart to verify the setup, or looked at volume profiles just yet. I will try to look through a deeper list to come up with a better bearish list on Tuesday or Wednesday if I have time.
edit 3/22: here’s a few more bearish setups.
Added panw,hig,dow,crm,vlo to link above
Posting both weekly charts and daily charts to try to show you what I’m looking at.
Method: Manual scan of all stocks that have available weekly options. Using a list that I update 2-3 times a year.
Bullish setups:Usually looking for 1-2-3 reversals. Typically the first low following equal high.. Typically focusing on finding “aversion” sentiment, or in EW terms looking to buy before wave 3.
Bearish setups: Typically focused more on selling retest or resistance and/or with volume profile below and/or with some kind of bear flag or rising wedge.
Bullish list.
Tickers:AMBA,AMRN,BAC,BIIB,CTRP,CYH,DATA,DECK,FEYE,GALE,GILD,ICPT,JPM,MU,THC,TWTR,VIPS,WDC,YELP,
Bearish list.
Tickers:
COF,EA,INTC,NXPI,TRIP,WTW,
CREE,DD,DOW,UA,XLNX,
(not yet) ZTS,CYBR
Bullish (daily charts)
Bullish (weekly charts)
Bearish (daily charts)
Bearish (weekly charts)
A few notes: We’ve advanced significantly since the last signal set up and then confirmed as blogged about, but into further strength faces resistance above and is currently oversold. Here was the past chart provided. Much of the overhead resistance remains as we are trading above 200 on the SPY.
Although the last market outlook I made didn’t completely confirm a bear market, there was some evidence of a bear market on the horizon, and so I’m looking to mostly be a seller into strength. I’m mostly neutral here. The major overhead resistance doesn’t start until just above 205, however we are overbought on the S&P and Dow and quickly approaching overbought on the Russell and Nasdaq while the McClellan $NYMO is really high as well.
Bullish setups
Tickers:abbv,amgn,biib,dg,fslr,vmw
YOLO setups
Tickers: GOOGL,MSFT,V
bearish setups
tickers:AA,AAPL,BBY,COF,CRM,CTSH,CVX,CYBR,DHI,DOW,DWA,MBI,MCD,WBA,WTW,YHOO,Z,ZG
The bearish setups outnumber the bullish ones, and my intention is to gradually place more bearish positions than bullish ones moving forward into strength.
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Ticker symbols:AAPL, ACHN, AMBA, AMRN, BTU, CAT, CL, COF, DATA, DVN, EXXI, FLR, GILD, HAL, KNDI, LVS, MBLY, MRK, NOV, TWTR, UTX, WFM, WLL, YPF, ZNGA
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