Today drop negated the Friday small green bar as a pausing phase and turned it into a possible topping formation. After hour drop of 29 points in the SP500 pretty much eliminated the word “possible” from the previous sentence. China, once again, is the catalyst for the after hour drop.
As seen on the 5m SP500 chart above, it is attempting to bounce back up. Perhaps, when I wake up in the morning, the after hour drop simply evaporate into thin air. Probably not.
It is critical for the bull to fight this current downdraft to avoid having to test the October support once again. So far, from the after hour daily SP500 chart above, it is still not too late for the bull to redeem itself by preventing the bear from taking the price further down from here.
$ONCY did good today by closing higher.
However, there is a 79 & 89 MA resistance that price must overcome to begin a long-term rally. From the look of it, I think this resistance may be paper-thin.
$BIOC continued to edge higher. Like soldiers marching into battle formation, price is preparing a full frontal assault.
The immediate plan is to break out of the downtrend line to the upside. After that, retake the 79 & 89 MA as support instead of resistance. However, due to the market reaction to setback from China, this frontal assault may be delayed.
$ARTH has begun its trek to the upside again after taking a break. Confidence is restoring with the prospect of an update from the company regarding its human trial in the coming 17th Annual Rodman & Renshaw Global Investment Conference in New York City next week b/w Sep 8th and 10th.
Terrence W. Norchi, MD, CEO, and Richard Davis, CFO, are scheduled to present on Wednesday, September 9th at 11:40 AM ET in the Astor Suite A and will be available to participate in one-on-one meetings with investors who are registered to attend the conference.
If all go well with an update, I believe price will make new high from here.
There were not much movements in my port but a slight gain of 0.3% for the day.
Main port: AMRN DMRC AKAO ONCY BIOC and 5.2% cash. Trading port: ARTH
My 2 cents.
Categories: Daily trading Journal