What’s up good people… I’m thrilled to now be posting content on the StockHaven Home Page and plan on still contributing in the StockHaven Forum, too. Most nights I plan on having a short write up on related subjects from market condition to strategies/tips. Again, I’m thrilled to be a part of the StockHaven team and hope I can contribute helpful insight to all who are interested. Just as I have learned from many willing and helpful traders, my goal for this column is to help others take the next step forward while continuing to improve myself. Thanks for reading!!!
Volatility coming into the broader markets so far this week as major short-term support levels have been tested and held up. I am bullish overall until price action tells me otherwise. The bears haven’t been able to impose their will on the markets while the opportunity has been present. Until bears are able to close SPX under 1 or more of the following support lines (1548, 1538, 1532)…this is just a healthy dip from highs in order to reach new highs (Which I think are coming).
Two ways to play this as we are coming up on the 28 level. If we can push through 28 on above average volume and base, if not close, above… I like FSLR back to 30 this week. If we fail or break and snap back below the 28 level then 26 is back in play on the short side. My bias here is long the 28 break-out but set-up is good both ways.
After breaking out of a beautiful cup/handle pattern on the weekly chart last week, don’t expect IBM to give back much of those gains. A nice descending wedge on the 60 min chart and a bull flag above breakout support (210′s) on the daily… I am bullish on a move to new highs.
If we can capture 258 on an hourly close…I think we can bounce back above 260 this week. 255 is the line in the sand here for me and if you watched AMZN today you saw a nice battle take place around that level with the bulls winning that battle on a closing basis. On the 60 min chart you can clearly see next level to break is 258 (I fully expect to test that level). If we get that break I like AMZN long again targeting 264 as 255 support zone has been the host to a few nice bounces on the daily.
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