Back to support buying

There are a couple spots still buyable on the SPY even though we're cognizant of the fact that the more support is tested, the weaker it becomes. Nevertheless we're looking for intraday reversal patterns near the 20 and 50 SMA on the SPY.

Chart

Note how FWLT is basing under 34 with declining volume. We'd love a return of volume as the stock breaks out of the base through 34.

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POT breakout

From last night's newsletter. Text book breakout today on excellent relative strength and volume

Price is only part of it.....

Excerpt from newsletter:

And for those of you who can't help but to stare at the alert price and count the pennies up and down -- here's something that might help. Take the grid lines off the charts. This will keep your eye a little bit less focused on the price and more on other parameters that are just as important like volume, and EMA (base).

When you take the grid off then it's easier to see what's actually happening than worrying about whether your stock is a couple pennies over or under the alert. Take the grid lines off and you'll start seeing more clearly -- a stock basing nicely near the number and on top of the EMA. Stop worrying about entering at the alert price -- enter wherever the stock sets up around the alert price, be it 50 cents under or 20 cents over. Don't just use price -- use Price /EMA(and pivot lines)/ Volume combined together to better your entry and exits.

Lots of triggers today from this weekend's newsletter. If you want to see a review of the trades and tomorrow's triggers sign up for a free 2 week trial.