Featured setups from Monday February 28, 2005 closing data symbol scan
Jump to: Long Setups | Special Situations
Notes for the Day
As discussed yesterday in Trader Talk, there are indeed quite a few charts showing a “single down bar in an still-intact upswing” – these can be ideal locations to lurk with a long, particularly at key times in the market and this is one of those times.
ETFs first then, to ensure we have exposure; and a few individual stocks as well. I’ll look for shorts later this morning if we need them.
Long Setups
General common strategy: Unless noted otherwise, buy stop just above the “high” value, with an initial protective stop at the low value of the bar, not below the bar.
Test of Bottom – Reversal
SONS – haven’t had a retest of bottom chart show up in a while. 3 Inside Up setup as well. Be sure its reported recently before deciding to hold at the close!
Retracement or Pause in Up Swing / Up Trend
XLF – financials ETF – note the resistance immediately overhead – we want to see price push directly through and not look back.
QQQQ – tech ETF – the laggard but also with potential for appreciation.
Test of Top – Continuation
TSM
SPY – S&P 500 ETF – we can rightly call this a retest of top in progress over the past few days.
DIA – Dow 30 ETF – as per SPY
Special Situations
MWV – long – not the nicest looking chart around, important resistance overhead.
05.03.01 09:22 #