Point & Figure: High & Tight
by
, 04-20-2015 at 08:26 PM (6991 Views)
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The high & tight trading ranges we've had lately, have generated numerous reversals over the past 2 days. While the S&P 500, Wilshire 4500, and NASDAQ 100 have flipped to sells, Monday's price action did little to provide confirmation, so I'll wait to see what transpires tomorrow.
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AGG
- 14 April - DOUBLE TOP BREAKOUT (1.06% vs. -.20%)
- We have a setup for a triangle breakout, forged with both a Triple Top & a series of rising lows
- Long-term Bullish - Price is greater than 110.65 or 50% of the entire chart
- Short-term Bearish - Price is 2 Os away from a bearish reversal
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SPX
- 17 April - BULLISH SIGNAL REVERSED (-3.23% vs. .74%)
- The recent uptrend is broken, but we have loads of support underneath with a Triple, Double, and Spread Double Bottom
- Long-term Bullish - Price is greater than 1958.40 or 50% of the entire chart
- Short-term Bullish - Price has recovered the majority of the previous down-slide
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W4500
- 17 April - BULLISH SIGNAL REVERSED (-3.06% vs. .91%)
- The recent uptrend is broken, but we've yet to establish a lower high (although we do have a lower low)
- Long-term Bullish - Price is greater than 1038.63 or 50% of the entire chart
- Short-term neutral - Price is slightly above 50% of the previous down-slide
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Transports
- 20 April - BULLISH TRIANGLE BREAKOUT (6.28% vs. -2.10%)
- I was pleasantly surprised when the pattern emerged and then triggered, but I'm cautious because it looks like a classic place for a BEAR TRAP.
- Long-term neutral - Price is equal to 8793 or 50% of the entire chart
- Short-term Bullish - Price has recovered from the previous down-slide and broken out by 1 X.
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NASDAQ 100
- 17 April - DOUBLE BOTTOM BREAKDOWN
- We have both 2 lower highs & 1 lower low, we need to break above the 1st red-arrow X at 4453
- Long-term Bullish - Price is greater than 4060 or 50% of the entire chart
- Short-term Bullish - Price has recovered the majority of the previous down-slide
Because of time constraints, I'll continue to advertise signals which produce price reversals, but will cut back on advertising every signal that gets generated. If you're getting fatigued I'd stay tuned into this market, I'm expecting some substantial changes this month and wouldn't want anyone to be asleep at the wheel when it happens.
Trade safe…Jason