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Today’s Trading Plan: More Inside Days

Tuesday, October 4, 2016 6:27
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Technical Outlook:

  • Second straight “inside-day” for the S&P 500 (SPX) where price closed inside the body of the previous day’s price action. 
  • There is a rising trend-line off of the September lows that continues to hold strong for the bulls. 
  • Couple that with the declining trend-line from the August all-time highs, and you have yourself a nice triangle pattern. 
  • Yesterday marked another lost opportunity by the bears to drive the market notably lower, by allowing for the bulls to ramp the market higher in the afternoon trading. 
  • There has been a significant amount of back-and-forth by the market in recent days where neither side can sustain any sort of rally or decline. 
  • A positive finish today would market the fifth straight day of “up-down” price action on SPX. 
  • Volume on SPDRs S&P 500 (SPY) was slightly below average yesterday and well off of the above average volume seen of late. 
  • CBOE Market Volatility Index (VIX) continues to show an inability to sustain any upside momentum – instead it continues to get pummeled on a daily basis. 
  • The rising trend-line from the September lows has rising support today at 2153. Be sure to watch that level today if there is a sell-off. 
  • Nasdaq (QQQ) remains in a healthy state with price consolidating right below its all-time highs. 
  • Going back to 9/16, the 20-day moving average remains incredibly strong for the Nasdaq. 
  • Oil continues its push higher, looking to increase its win streak to five days, and breaking above the September highs and thereby establishing a higher-high. 
  • The number of stocks trading above their 40-day moving average fell by -9.1% yesterday to 45.5%

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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