50% of the time it works every timeThe AMEX:SPY hit the 50% Retracement level today and bounced right off. If we make a new ATH by End of Week remains to be seen but a solid respect of a Support Level
50retracement
Digging the price action on PENNNASDAQ:PENN was not on my immediate watchlist but I happened to notice the price action from last week giving a second solid rejection of the Weekly 50% Retracement. See below for swing timeframe spike...
Potential shakeout on BXPYesterday's market selloff brought NYSE:BXP to a key support at 113.76 which it broke and then today rebounded above. Will be watching to see if price does another test of the level to play a retest of the major high.
Ford watching for tradeNYSE:F hit support today of the stocks bullish trend of the year. I am watching this closely for a lower timeframe entry to play the retest of the high.
Zillow at the 50%I have been stalking NASDAQ:Z for weeks now. Today's down move brought price back into the consolidation and the short term 50% Retracement of the 6/16 - 6/29 bullish move. It lets me setup a low defined risk trade to play the wider movement of the stock
COP Multiple Timeframe LevelNYSE:COP pulled back this morning to a Daily timeframe 50% Retracement Level. This level goes back on the Weekly many years.
I like this for a long term hold play for dividends as well as a short term options play for the run up to earnings.
Check out my video idea for more thoughts on combining timeframes for Multiple Timeframe Analysis...
Silver Perfect signal for short Very simple setup for 2.6:1 Reward/Ratio. Let me point out the most important signals here and we have quite few on current chart:
• 200 Emma stopped further gains against dollar
• Followed by long bearish candle accompany with shooting star
• 50% of retracement after mayor drop.
The TP area is within the channel in which silver is traded for the last year.
UBER Price Action AnalysisI was looking at a trade today for a member of my social media. NYSE:UBER looks to have stalled at 52.35 which is right at the 50% Retracement of the recent down move. This if following a retracement of the last bull trend which was around the same zone as the IPO first weeks' price action highs. Price could in the short term retrace down to retest the 5/10/21 low but would remain bullish as long as that low holds. Breaking the 6/28/21 high would be a sign of a bullish breakout.
50 in 50 TSNI like the lower timeframe pullback to the longer timeframe pullback on NYSE:TSN for a long trade.
PHM at 50%Took a small position to play the 50% of PHM that I've been watching at the level for the last week.
Taking a stab at FITBNASDAQ:FITB Hit an alert for a 50% Retracement level. I stalked it for a lower timeframe, 30 minute, entry which it hit today. Looking to play the restest to the top with a small risk.
Should be scanning ETFsCome Monday going to look at a position in XBI (if it has not gone too far). Pulled back and spiked at the Weekly 50% Retracement that matches with prior price action. Stop needs to be just below the low of May 11th.
The industry for this ETF is Biotech. This should make Cathie Wood happy.
WEC Resistance turned SupportNYSE:WEC triggered a volatility alert this morning. The level it is at is a former Resistance that has been turned into confirmed Support. It is worth a long trade off this level.
SPY Sentiment Signal BearishEvery day I scan the market for individual stocks within the S&P 500 index AMEX:SPY for short term volatility either bullish or bearish. I have begun compiling these signals into a derivative indicator. This morning's score was a -11. The last time the indicator signaled -11.20 was on 4/16/2021 which preceded a few days of downside in the market. This morning's price action made a slight try to get up and test the All Time High but seems to be failing. The first part of the day's down move has retraced to the 50% Retracement level of the day. It is worth taking a short here to test my signal, play the day's price action, and benefit from an asymmetric reward/risk. A failure to retest the last ATH could have much downside.
UPDATE Retracement Levels Script: Finding Support and ResistanceI have updated my Retracements Level script to alert traders to long term Support and Resistance levels based on 50% Fibonacci levels. I think that this is a simple and highly valuable tool that every trader should have in their toolbox to identify key levels that price may respect.
In this video I go over the many uses:
-Long term levels for Entering and Exiting positions
-Multiple Timeframe Analysis
-Catching Catalyst events like Earnings
-Projecting Support and Resistance far into the future
MKTX Long term setupNASDAQ:MKTX set up a 50% Retracement level that matches with prior lows. This yields a clear trading opportunity to play support with risk below the lows and targets towards the prior highs.
HUM Post-earnings pullbackNYSE:HUM Humana's post earnings run-up has pulled back to a 50% Retracement level and held this morning along with a volatility spike.
