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Today’s Trading Plan: Approaching The Chop Area

Friday, September 23, 2016 6:49
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(Before It's News)

Technical Outlook:

  • Strong follow thorugh yesterday on S&P 500 (SPX) that saw momentum come to a halt at the declining resistance off of the all-time highs. 
  • Yesterday’s rally created a big gap that remains unfilled coming into today. 
  • SPDRs S&P 500 (SPY) saw its volume drop off yesterday and even come in below recent averages. 
  • Price action is headed right back towards the chop zone that has plagued SPX for all of July, August, and the beginning of September. 
  • VIX continues to get decimated. This time dropping 9.5% down to 12.02. The index as a whole has dropped 42% since its highs reached on Monday, September 12th. 
  • Crude (/CL) continues to rally for a third straight day. but still in a declining channel going back to the August highs. 
  • SPX 30 minute chart has recently broken out of the recent range that it had been trading through, but now needs to push through the August highs to free itself of the choppiness that has plagued the market for much of the past three months. 
  • The 50-day moving average was broken yesterday on SPX. A solid mark of improvement for the indices going forward. 
  • Resistance had been in the area of 2155 to 2170 – that area was broken yesterday. Still more resistance that looms overhead. 
  • T2108 (% of stocks trading above their 40-day moving average) saw continued bullishness yesterday, rising 23% to close at 56.

My Trades:

Read more…

Ryan Mallory is the co-founder of SharePlanner Inc, a financial website devoted to Day-Trading, Swing-Trading (both long & short) and exchange-traded funds. Ryan makes a strong emphasis on risk mitigation strategies, trading transparency, and trader education – not to mention a great set of stock screens as well.

Be Sure to Check out Ryan’s Site at Shareplanner.com

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