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Today’s Trading Plan: Leave No Dip Behind

Friday, September 30, 2016 6:27
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Technical Outlook:

  • And just like that, without a moment’s notice, the market puts the bulls on notice with Deutsche Bank (DB) faltering. just buy the dip
  • The result yesterday was the S&P 500 (SPX) suddenly selling off hard and taking the whole market lower. 
  • SPX looks to bounce this morning based on the futures rallying with the European market open (about 16 points higher off of the overnight lows). 
  • When large banks start faltering, you have to be really careful and nimble with your trading. The overnight risks become much more elevated than usual. 
  • SPDRs S&P 500 (SPY) saw its volume increase quite a bit from anything seen over the past two weeks. It was well above average as well. 
  • The rising trend-line on the CBOE Market Volatility Index (VIX) provided hard support in which the VIX bounced off of yesterday – rising 13% to 14.02.
  • Once again though, at least with what is being seen in the pre-market, the bears are showing a lack of will power to drive this market lower, and the bulls are popping equities higher. 
  • United States Oil Fund (USO) broke the downtrend off of the August highs yesterday. The highs from September is the next challenge. Break it, and you have a new higher-high formed. 
  • 30 minute chart for SPY shows a very choppy, but well-defined triangle pattern that SPX is currently trading in going back to September 6th. Watch for a break in either direction. 
  • Nasdaq (QQQ) failed to reach new all-time highs and instead dropped back below its recent breakout level. 
  • The number of stocks trading above their 40-day moving average dropped 21% yesterday, down to 42%. 

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


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