Mid-week SPY weekly chart analysis- So far so good!

Hope you all have a Happy July 4th!

So far, Monday & Tuesday gave us a good positive price action by mean of having a nice green bar that closed on top of that 61.8% retracement.  I like to see Thursday and Friday’s price action to maintain this green weekly bar or at least close above the SPY price of $136.45.  However, I will prefer that we don’t ended the week with a Doji bar that close near $136.45.  It is my experience that a Doji bar near any Fib retracement carry a higher probability of a correction to current trend.  So, let’s see how the rest of the week play out.

Currently, I’m heavily weighted on PRLB since I doubled-down on the price run-up on Tuesday.  Remember, I only averaged up.   I’m sitting on some nice profit but will have no hesitation to dump it for profit if price action begin to have 2nd thought on the uptrend.  Nevertheless, price action looked positive for PRLB and the odd is that the momentum may continue.

I also doubled-down on THLD on Tuesday because of a breakout pattern I saw on the chart.  See below THLD daily chart.

I’m disappointed to see HDSN not only failed to breakout of the high of May 10th; but ended Tuesday with a bearish engulfment bar.  I will continue to reduce my position if price continues to head lower.

Currently 44% equity and 56% cash.

Good Hunting!

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