Where’s the Resistance on the Dow 30 Index?

Since the December 8, 2016 U.S. Presidential election, the Dow 30 Index has gained around 42.57%, as of 2:00 pm ET today (Thursday). It also crossed above a new all-time high of 25,500, as shown on the two Daily charts below. The following Monthly chart shows that price is trading in between support (25,125) and resistance (26,702), namely two external Fibonacci retracement levels. […]
Slope of Hope

Resistance Trendlines

Stan and I are doing a free educational webinar an hour after the close tonight at the theartofchart.net looking at translating technical analysis into profitable trades. If you’d like to attend you can register for that here. The little retracement yesterday made the targets on the 60min sell signals on ES and NQ, and denied […]
Slope of Hope

Snapchat SNAP Beneath Major Resistance Target in Downtrend Aug 30

If you’ve been trying to find a bottom in Snapchart, August may have been your month.

Price rallied up toward the falling 50 day EMA target, and we now await a breakout event or a simple resumption of the downtrend with the current “bear flag” trade opportunity against resistance.

Which scenario will prevail?  That’s your trade!

Snapchat SNAP

Take a moment to review our prior post “Aggressive Bottom-Fishing in Snapchat” which set up the aggressive trade to our current target at the $ 15.00 per share level.

With that trade successful, we now prepare to trade – without bias – either a BREAKOUT scenario (above $ 15.50 with stop beneath $ 15.00) or perhaps more likely the BEAR FLAG retracement trade “down away from” $ 15.00 back toward the $ 12.00 per share level (stop above $ 15.50).

It’s your choice when to enter and how to manage the trade, but either way, price MUST depart AWAY FROM the $ 15.00 per share level… and you can build a trade from that price movement.

Come join us to learn these tactics (beyond this simple/quick update) and have an evening game plan you can use effectively for the next trading day.

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT

Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”


Afraid to Trade.com Blog

Amazon AMZN Fails at Overhead Wall of Resistance

I featured Amazon (AMZN) as a bearish swing trading candidate in last night’s member report and this morning we’re seeing initial follow-through in the bearish direction as shares failed at a wall of clear overhead resistance.

Let’s see what’s happened and what to watch now:

Amazon AMZN Daily Sell Swing

In our “Swing Trader’s Zone” of the Idealized Trades Report last night, I highlighted the overhead “Cradle” Resistance from the falling 20 and 50 day EMAs overlapping the $ 990 per share level.

In the event shares traded “Down Away From” this level – as appears to be the case – the target was the prior low near $ 950 per share for a quick swing trade (or series of profitable, bearish intraday trades on the pathway lower).

Amazon’s sell-swing today plays into the broader market weakness and is giving profits to those aggressive traders willing to step-up and sell into the resistance pivot.

Continue following this proposed bearish pathway toward the prior low – a critical support pivot – and be on guard for any surprise bullish reversals as price travels the bearish short-term path lower.

For alternate thesis planning, Amazon (AMZN) becomes a breakout bull candidate above $ 1,000’s critical price and EMA resistance.

Stay tuned!  And join us in the membership to take advantage of our expanding Swing Trading focus mixed with our intraday strategies and tactics.

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT

Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”


Afraid to Trade.com Blog

EUR:USD in Battle to Redefine Resistance as Support

As can be seen from the following Monthly chart of the EUR:USD Forex pair, after today’s (April 23) first round of the French Presidential election, price is currently in a battle to regain a foothold above major resistance at 1.09. A break and hold above this level could see a further push to the next major […]
Slope of Hope

Defensive Gold and Treasuries Bullishly Break Resistance

File this under “very interesting” – defensive markets Gold and Treasuries just reversed higher.

If this continues, we could see a bearish development for the US Stock Market (money flow).

Let’s take a look and see if the breakout holds:

For some perspective, see our featured post “How Other Markets Behaved while Stocks Surged.

In it, you’ll see a broader look at the Money Flow across markets given the stock market’s recent surge.

Gold – and Treasuries – reversed higher on positive divergences in December and now hit a new phase in the reversal.

Gold broke above the $ 1,250 level this morning which is a key price pivot that confirms the bullish rally.

In fact, if Gold goes ahead to break above the 200 day SMA near $ 1,280, it would suggest a sustained rally through $ 1,300 and beyond.

That may not bode well for the non-stop uptrend in stocks.

We’re seeing a similar bullish breakout and reversal perspective on defensive US Treasuries:

The pattern is very similar with the collapse lower in November and eventual divergent reversal in December.

The Ten-Year US Treasury Note just broke above its resistance level at the 125 index level.

Once again, a sustained (valid) breakout here suggests price will continue through toward 127.

Unless these are just bull traps and false breakouts, it could suggest a turn in Money Flow from bullish/offensive to bearish/defensive.

Even if you’re just trading stocks, watch these markets to see what happens next.

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT

Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”


Afraid to Trade.com Blog