Traders are smiling as S&P500 futures rally premarket, with SPY pushing above its break out zone, the June pivot highs at 324 (+/-). NDX, QQQ, and a host of technology stocks are responding. If financial stocks (XLF) and energy stocks (XLE) see some buying, this rally could take SPY back to February pre-COVID highs.
Summary
SPY Breakout Zone
We don’t need to remind subscribers that MACD crossed a week earlier, and RSI remains above 50 (rising). In other words, momentum shifted in favor of the bulls precisely as many in the financial media questioned the voracity of bullish investors and traders.
SPY is now above its July pivot resistance zone. And, VIX points to follow-through as our signal is green on the 60min time frame.
Robert’s Scan – Watchlist Additions
Robert looks for most of the same criteria that we look for in a day trade and swing candidate.
- Price above or about to cross above 9/21d
- Bullish sloping moving averages
- MACD above its signal line and RSI above 50 and rising
- Above-average volume
His scan results are below. Be sure to thank him for his teamwork.
Consider day trades on these stocks, so long as they open above VWAP and remain above after 10-11:00 AM. Watch for the additional clues outlined in the short “workflow” video below.
Join us today in the trading room for our LIVESTREAM broadcast during market hours, as we navigate the current environment while trading some of the candidates from RC’s scan. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
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Disclaimer: Do your Own Research
Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional investment advisor in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise. Trades and or positions listed and taken from the watchlist are my own and should not be considered “advice” to enter any particular position or asset.
Investment Warnings
We would like to draw your attention to the following important investment warnings. The value of shares and investments and the income derived from them can go down as well as up; Investors may not get back the amount they invested – losing one’s shirt is a real risk; past performance is not a guide to future performance.
Live Sessions
Live broadcasts are educational in their content. Proper risk management is considered on every trade or asset mentioned.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine-tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.