The Shakedown 7/8/18

 

Some strength in the market to close out the week! We came into the week watching the major support area ~$269-270 in the SPY, only to hold that area and eventually push up through resistance to end the week. Charts have responded pretty well and seem to be setting up a bunch of "buy back" trades indicative of the market price action the past couple weeks. 

With earnings just two weeks away, as we get into the dead of summer trading, it still isn't time to press it. I do have more risk on now, however, than going into previous weeks if that says anything. A scan of the market tells me there should be some decent action out there next week. We'll see what the market gives us until earnings really get under way in two weeks

BBY Long

With proper consolidation and a great macro chart, BBY looks like it's giving a great swing entry this week through the $74.50-75 area. After a nice controlled pull back from highs, moving average consolidation is telling me this puppy is tight. 

Trigger: $74.50-75

Stop: $72.89

Target: $80-84+

Hope to see you in the chat Monday!

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