Today downdraft was not a good sign at all. With the SP500 down another 17.1 points in after hour trading, yesterday up bar simply set the DOW up for a third pivot lower high. Another topping pattern supporting the bear case.
Unless we have an overnight bounce to open positive tomorrow, the after hour low may just as well take out the low of last Thursday which is not good for the bull. The next defense available after the 79 & 89 MA supports is the uptrend line.
Today, only $LRAD closed positive.
$AMRN continued to drift a little lower; however, price is still well within the Andrew Pitchfork uptrend lines.
It is important that price doesn’t take out the low of $2.22 from last Thursday.
$CERS gave back some of yesterday gain but not too much.
Despite a DOW last hour tanking, $CERS was able to bounce back some into the close to minimize the downdraft. Let’s see if this can withstand another DOW down day.
$LRAD closed with a spinning top candlestick bar.
As far as the chart looks, it is still leaning on the positive upward momentum. The spinning top doesn’t mean it is a topping signal. Any potential topping signal has to be confirmed before it can be called a topping signal. For now, it is a “potential” topping signal or a “pause” before continuing on the upward momentum.
Due to corrections from $CERS and $AMRN, my port gave back 1% for the day. YTD gain is now at 18.4%.
LRAD, CERS, AMRN and 9% cash.
My 2 cents.
Categories: Daily trading Journal