TE Shakedown 9/10/17

Trading Experts

TE Shakedown 9/10/17

We're coming off a holiday shortened week --- that felt like an elongated week. We came into the week expecting a slight pull back in the market after 4 straight days higher -- but Tuesday ended up being a bloodbath. Since then we've consolidated and created an inflection point in the SPY between the $246-247.50 area. If we decisively break above the $247.50 area it will likely lead to a more risk-on environment. If we decisively break below $246 I would expect us to test the next support around $245 area. High beta names were exceptionally weak Friday which leads me to believe there will be more short-term downside ahead, but we will see. Will be paying very close attention to the circled area below.

Onto Some Charts!

Trade of the Week: HON Long

Recent strength in the healthcare sector had me turn to Honeywell's chart. It's been in a strong uptrend and is not forming a wedge potentially giving us a tight entry for a long. Look for volume to increase through the $138 level.

Trigger: $138

Stop: $136.49

Target: $142-144+

Be on the lookout for the Member's Only Section in the next few hours. We'll be rolling more and more videos sporadically in the next few months.

See you in the chat Monday.

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