Good Reward/Risk for Longs

Good Reward/Risk for Longs

The S&P 500 chart gives us good reward/risk trades here.  On the SPX itself stops can be placed near $1318 (Tuesday's low…which was also the 50 dma and 61.8% Fibonacci retracement),  Upside targets as we see them are between $1380 and $1400,...
You Say ‘Home’ I Say ‘Depot’

You Say ‘Home’ I Say ‘Depot’

This morning Home Depot served up its latest earnings release and upped its full year profit forecast.  Sales however were down…, expenses as well.  Either way, the stock is up around 1.50% as of this writing and  again touching on the critical...
Mind The S&P Futures Gap From April 20th

Mind The S&P Futures Gap From April 20th

On May 5th the top of the large 15 point up-gap from April 20th was tested but never attempted a fill.  Last week Wednesday, Thursday and Friday the tape again felt heavier.  We are thinking that should this April 20th gap again get tested it could then have...
Morning Look At The S&P500 Chart

Morning Look At The S&P500 Chart

Last Thursday the S&P 500 held right at the breakout level, 50% retracement, and 21 day exponential moving average of $1336.  Friday's Doji candle and yesterday's constructive bounce (albeit on low volume) is making this chart look fairly stable...