Welcome back to the Mid Week update.
If you did already know, I will be leaving for Costa Rica this Saturday at 8:00 AM for a mission trip. I will be gone for 10 days, and likely out of touch from the markets for that long as well. There could be a Tweet here and there, but DO NOT count on it. Anyways, let’s get into this –
$SPY is in no man’s land right now and there really is not much conviction to be had on either side. We are coming into some strong resistance at the 1600 level – this should be watched and I would be cautious with longs here now that we are up 3 days in a row. Could easily have a day off now. I will say though that if we were to ‘hold higher’ and hold today’s lows for 1-2 days the likely hood of going back into a swing trading approach would increase greatly. This has not happened yet though, so we do not need to worry about it. We just need a plan and be aware of it.
I am completely flat – no positions as there are NO A+ set ups to be taken from a swing perspective.
Here are some charts that are of interest for me going forward –
$GS – now holding lower and forming a bear flag. Does not look good right now. Needs to get back of today’s highs and hold that to change at all.
$TSLA – highlighted a potential trade that I would take if it unfolded like I listed. Doubt it will be that perfect but it is worth a shot to have a plan.
$XHB – is a concern right now. 26.80 is some strong support but overall, it is broken and NOT showing strength at all. Move on from it. Wait for it to set up. Could be a short under today’s lows.
Enjoy the summer. This could be my last post before I leave for Costa Rica, if so, have a good week next week and be sure to tune into my Twitter feed (@BenCBanks) for the latest.