Spy Big Trend Support Never Broke

Well my last blog I told you to watch the green trend line and how it was major support. the next day we broke through it but! Yes never confirmed the break the very next day closed above and for over a week the market has moved up. I think we are close to a top and a move back down. Why do I think that, is the pink trend line was support early Mar. broke to run to the green trend line. So support now become resistance. Where are we ,back at the pink trend line now resistance.

Disclaimer: Steelman's Technical Charts are my own amateur interpretations of technical charts and for informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. Steelman's Technical Charts assume no responsibility for your trading and investment results.

Spy At A Big Trend Support

With the green ascending Trend line being major support and if we brake it with a second day confirmation then next support is 121.26. With war at hand and the Japan earthquakes still having effects on this market, this will be a very tricky market to maneuver in so use your stop losses and be very cautious.

Disclaimer: Steelman's Technical Charts are my own amateur interpretations of technical charts and for informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. Steelman's Technical Charts assume no responsibility for your trading and investment results.

FDX Keep a Eye On it Bearish Signal

Keep a eye on FDX  it has a bear flag forming with the flag coming into 2 averages that are very close together creating a heavy resistance area. Maybe this is one peace of the puzzle to tell us where the S&P next move is.

The other part of this puzzle is FDX has just pulled back from a double top so maybe this bear flag is telling us its getting ready for the second leg down. FDX is one stock I don't trade but like to watch to give me a idea of what the economy is doing. Because they move many goods for many corporations its a good indicated for the general market.

Please read the disclaimer at the top of the blog.

NBIX Full of Technical Moves

I have not traded this stock and using it as to show the technicals behind the charts.

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SPY 129 Big Support Still in Tack

Well yesterday I posted and said I wouldn't be adding any new short because 129.72 was major support. Well we penetrated it today but closed above so it is still in tack. I think I will stay Neutral  on the SPY here because this was the 1st hit of the 50 average in quite awhile. I think I will wait to see if we get a double top 135 area or we get a break through the 129.72 with a second day to confirm it before I make any trade on it.

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DRYS Map of a good Call but Not the Trade

Well sold my DRYS Mar puts at a break even trade. Had a great call on the H & S but didn't trade it so well. The problem was I couldn't short the stock so went with options and the time didn't work for me. So here we go on the Road map and follow the blue arrows.

#1 bot my Mar $5 put for 38 cents

#2 the option went to 53 cents and the stock came up to a ascending trend line made the 1st hit of the 200 average and I was gonna sell half but didn't and that was my 1st mistake.

#3 Broke the green trend line, penetrated the 200 average again but closed above.  Had opportunity to sell at 45 cents and almost pulled the trigger but didn't.

#4 Well today with options X next week and the stock came into a Gap plus I just ran out of time with my option and sold at .38 cents with a actual commission lost but very minimal

 Now if I could of shorted the share out right like I wanted to I still be 40 cents ahead with out time hurting me. So what next with the DRYS, well I move on to my next trade  and will watch to see if any new patterns come up but not trading this stock until that occurs.

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USO Never got the confirmation

Here we go again the USO broke to new high but we never got confirmation. Monday close was below the Fridays high then Tues. tried to run above Fri. high again only to close the day below again. I neutral here because oil has come a long way and needs to rest before going higher.

Please read the disclaimer at the top of the blog before making any trades.