Weekly Stock Charts

Jonathan Parsons Rank: 42 Followers: 20 Votes: 5 Years Member: 14 Last Update: 24 April 2017, 20:40 Categories: Chart Patterns
Trend Analysis
Volume Analysis

April 24th 2017 8A Update: Last week, I said that we set-up for a bounce & that's what we got albeit a mild one. Check out the charts of $SKEW:$VIX, SPX McClellan Osc, Put/Call ratio, etc. - all pointed to a bounce. The big 'news' of the day is the French preliminary election. France actually rallied sharply on Thursday - showing no fear of the election. For whatever reason, the US markets remained under pressure & we closed the week higher - but not like France. And now it looks like whatever pressure we were under is being released to the upside. The first thing to do in any big gap up is to scale winners. If you don't take profits, someone else will. Next we see what sets up for higher prices. There's a number of headlines coming this week and this how I see them playing out: Trump tax plan (sell the news), debt ceiling (buy the dip), north korea? (buy the dip). The point is that even if we're headed up, it's probably not going to be in a straight line so no reason to buy this big gap up. Let it settle out. Watch for negative headlines & low $TICKs to get into something that you like. Good luck out there!

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