Chart Reading

 $SPY broke out of the adjusted for dividends chart on Friday and very close to unadjusted  all time highs. The MACD is bullish. $SPY held the 50 day line all week. $SPY has begun to show momentum by closing above the 5 day ema for five straight days. A 60 RSI has $SPY on the […]

  Currently the $211 price level has held as the $SPY resistance on the daily chart. Friday’s resistance was the 5 day ema. On Friday the 50 day sma almost held as end of day support. For nine days $SPY has traded in a $207 support/ $211 resistance price range. With $SPY up only 1.17%

    I bought $UDOW at $141.92 on April 7th, as $DIA pulled back to the 50 day line and stayed above it. When trading leveraged ETFs, it’s crucial to trade them using the regular ETF, as compounding daily losses and gains distorts the leveraged chart that is a derivative of the standard ETF. $DIA

AAPL Surfing the 50 day up   The interesting thing about the current $AAPL chart, is that it is a neutral pennant pattern with  the 50 day SMA line creating a rising support, and the upper resistance trend line declining. A close above the upper trend line, or a close below the 50 day SMA,

  Last week the chop continued as all the bearish signals of another down leg had no follow through, and the market rallied slowly and steadily to trigger bullish signals. On Monday $SPY broke out over the 50 day, 5 day EMA and short term resistance to signal a buy. Intra-day noise last week was

  The long term trend is still up. The short term trend is down with price under the 5 day ema & 10 day sma. $SPY is still under the 50 day sma and presents the danger of a deeper dip before another leg up. Momentum buy signals are failing as selling into strength continues.

  I am flat coming into today. No positions. — Steve Burns (@SJosephBurns) March 25, 2015 Monday and Tuesday warned me to exit my long positions with a failure to make higher highs and then Tuesday with a close below the previous days low of day. I went to cash on Tuesday. The bears put

  Current support is the $204.50 that held Wednesday and Friday. It would not be a good risk/reward to short a break under the $204.50 price level as the RSI will be in the thirties if support is lost and in the oversold rally zone. $207 is our near term resistance. A break above this

On February 27th $GOOGL broke out over the key 200 day moving average. The day finished with a reversal candlestick, so I waited to enter on a pullback to the 200 day, or a continuation above the February 27th close.  On March 2nd, $GOOGL gapped over the close and continued up. I went long that