Bull flag chart pattern now in play on SPX
SPX is forming a nice bull flag pattern. It doesn’t feel that way, because nearly every day the market opens, it sells off. If it finishes higher on the day, it is well off the highs of the day.
But back to the bull flag pattern, the chart of SPX has been more focused on the triangle pattern it had been previously stuck in, but while that was ongoing, it also formed a bull pattern, but has yest to break out of it. Check out the chart below.
A move above 2375, will help with that. In fact a move above that price level will put SPX back on the up-and-up as it would confirm a breakout of the bull flag.
So keep that in mind when it comes to trading today. Be careful with the short setups because the bears still lack the mojo, at this point, to make this a real bear market environment.
S&P 500 Chart
Current Stock Trading Portfolio Balance:
5 Long positions
Recent Stock Trade Notables:
Las Vegas Sands (LVS): Long at 57.24, closed at 56.53 for a 1.2% loss.
UPRO: Long at 91.94, closed at 96.54 for a 5.0% profit.
Alibaba Group (BABA): Long at 105.736, closed at 108.22 for a 2.4% profit.
Facebook (FB): Long at 134.27, Closed at 139.23 for a 3.7% profit.
CDW Corp (CDW): Long at 58.65, closed at 58.91 for a 2.7% loss.
Redhat (RHT): Long at 82.41, Closed at 83.53 for a 1.4% profit.
Ambarella (AMBA): Long at 57.15, Closed at 55.52 for a 2.8% loss.
Alibaba Group (BABA): Long at 104.73, closed at 106.05 for a 1.3% profit.
Broadcom (AVGO): Long at 218.63, Closed at 222.71 for a 1.9% profit.
American Airlines (AAL): Short at 44.76, Closed at 44.03 for a 1.6% profit.
UPRO (Day-Tade): Long at 95.35, closed at 96.50 for a 1.2% profit.
OZRK: Long at $56.12, closed at $54.69 for a 2.5% loss.
FNSR: Long at $34.25, closed at 34.70 for a 1.3% profit.
UPRO (Day-Tade): Long at 96.92, closed at 98.03 for a 1.2% profit.
JP Morgan Chase (JPM): Long at 87.21, closed at 89.67 for a 2.8% profit.
Chevron (CVX): Short at 110.03, covered at 111.85 for a 1.6% loss.
Flex Technologies (FLEX): Long at $15.62, closed at $16.57 for a 6.1% profit.
Baidu (BIDU): Long at $174.70, closed at $187.00 for a 7.0% profit.
Ollie’s Bargain Outlet: Long at 33.20, closed at $32.50 for a 2.1% loss.
Corning (GLW): Long at $26.98, closed at $27.45 for a 1.7% profit.
Illinois Tool Works (ITW): Long at $127.74, closed at $129.86 for a 1.7% profit.
Marriott Int’l (MAR): Long at $86.16, closed at $87.51 for a 1.6% profit.
