Market Orientation & Bias:
1. Recap of Last Week
Last Week’s Post: CLICK HERE
A. General Recap
The market continued higher without a lot of consolidation, appears like the infinite grind higher is going to continue. There is nothing inherently bearish about the $SPY chart, at all, but it would be nice to see a test of the 21 day soon. The lack of STRONG set ups did not have a strong impact on the market this week, though we still do not have a huge number of high quality set ups now either.
Alot of the same seems to be continuing as a result, we will take the trades we find, even though there will be a lack of the high quality ones.
B. Past Set Up Recap
YRCW – This is the best of the set ups from last week, nice breakout. Looks higher from here.
SGMO – Broke out early in the week only to give it back later in the week. Will need time to repair. Would not be in this now.
KO – Still could be a threatening a major breakdown, but these take time to develop. Nothing yet.
AMZN – Bear flag negated. I was stopped out on Monday for a small loss.
THC – Broke out early in the week, then a news catalyst took control and it broke down. Will need time to repair the chart.
2. Strategy For Next Week
A. General Broad Market Thoughts
With the overall markets still grinding higher, it becomes even more difficult to chase higher. However, it is also extremely hard to short at all-time highs. In my opinion, I would take every set up with a grain of salt. Take the set up like you would, but lower your expectations as in this market, momentum is light and quality is lacking.
B. Video Analysis & Watchlist
C. Set Ups & Charts Watchlist
There are very few STRONG looking set ups on my screens, these are just a couple I found interesting – and by no means are the super high quality.
MPW – Perhaps a long term bottoming pattern. Over Friday’s highs it could try to go. A strong looking bull flag.
PBI – Been consolidating in a bull flag for a quite some time now. Looks poised to breakout or down very soon, watch closely this week.
SEM – It has been consolidating nicely for a few months now and bull flagging now. Poised to breakout or breakdown very soon as the range tightens.
3. Current Positions
BAC – Long from thursday, swing trade.
CLNT – A very speculative name, don’t really like that. Long from Thursday.
4. General Tips & Reminders
Take trades, be consistent.
Have a great rest of the weekend. Email or Tweet me with any questions or comments.
The purpose of the Week Ahead post is to prepare you for the upcoming week in the markets. I do this not only to help others learn and develop trading skills but also to develop and cultivate my personal thoughts for the Week Ahead. Below you will find a written commentary portion followed by a Video Analysis the stock market and the set ups I am watching this upcoming week. This post is organized into sections, see bold titles and skip the items in which you are not interested in! Enjoy!
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