Weekly Market Glance & Analysis

[DeeBee]

The gap between 111-112 area mentioned last week have been filled from the initial price bounce made at 104 level. There is a greater chance of price action attempting to once again kiss the resistance near or at 112 level. The Friday candle failed to take out the 108 support and the lower wick of this candle shows some buyers coming in at the last hours of trading.

The price action near or at the 112 is very critical a failure here may open up low risk high probability shorting opportunities for the nimble. On the other hand trading volume on recent bounces have been decreasing this can lead to a raised expectations for the bears which can easily tip the balance downward to below 104. No crystal ball needed look at price behavior incorporate what you see in your trading plan and execute without doubt.



Happy Memorial Weekend!!!

[DeeBee]

Can you read along the lines? Interesting to find out how price will unfold tomorrow. The 112 level is still a valid magnet.

[Brendan Egan]

Great stuff, DeeBee--it's always nice to see someone else looking at the same charts and analyzing them similarly--I guess we are doing something right

[DeeBee]

Thanks Brendan. I agree as long as we trade based on price action we greatly enhance our success. Price Action Is King. Learn, understand and master it. The rest are supporting stuff.

[DeeBee]

Here's my personal view for the week, the SPY is now trading below 109 (marked B) on a higher than average volume. If you remember this is our projected target dated May 15 take note that this 109 area have been tested several times in the past and recently this Friday price failed to stay above this line. The path of least resistance is pointing down ward. The last time price tested the 104 support we saw the market bounced we shall see how strong it is this time around. Watch the price action like always it will guide you in your trading decisions. Just remember as an astute trader you're not to insist personal expectations market is dynamic and can change anytime you should too. Nothing is personal you are only following the direction of the flow.

[DeeBee]

A classic breakout pullback long set-up on low volume.

[DeeBee]

I'm not working today and tried my hand day trading on FAS. This ETF my still have fuel left but I'm done. Happy with what I got. Time to free the mind and enjoy the day.



Hmm...still got time to drop by at "Traders Expo: Los Angeles" which is being held in Pasadena Convention Center until Saturday, June 12. I missed this event last year and I haven't been into one I'm feeling excited.

[DeeBee]

[DeeBee]

I saw this just minutes ago although I was late to put my trades. I've decided to screen grabbed AAPL chart to show you the power of Support and Resistance add (but not required) simple TLs and you can have a very good high probability low risk system.

[supermatt]

nice charts DeeBee. Can I ask what made you go long on FAS at that candle you were pointing to?. I see it was sorta a bullish triangle forming with resistance at 22$

thanks!