TGT
What Wall of Worry? Path of Least Resistance for NowI reviewed an interesting study Tuesday about V bottoms. Over 20 years of data showing the average "V Bottom" takes nearly 1 year to come back and get into positive territory.
The fact that all US Indexes and many stocks have done this in 10-15 trading trades is pretty remarkable. Will we more path of least resistance at all-time highs or will we see resistance actual hold for a beat.
All US Markets closing green today, Russell 2000 led the indexes today with +1.30%
DXY hitting fresh lows, but 101 and 100 are major technical support levels that I'm watching.
Review at your convenience. Thanks for watching!!!
Weekly Watchlist 2/7 - 2/11Check out what stocks we are looking to trade this week!
NASDAQ:LULU
Looking to take a breakout over the $355 level
Targets: $360, $365, $370
NYSE:TGT
Looking for a break of this wedge pattern and a move over $223
Targets: $224, $225, $226, $228
Keep in mind I will not be taking these trades if AMEX:SPY is still range bound between $453 & $444
TGT - Gaps to Fill Down - Earnings Miss - Trade Cautiously Waiting for confirmation break of white trendline to enter bearish.
Trade Entry
Will update with specifics once trend breaks.
Chart Details
Earnings miss on TGT caused gap down, almost filling top gap in chart.
Other large gaps down to $73.
Bearish EMA cross and bearish 10WeekMA price cross, but price still in “fakeout channel”.
Must confirm break of channel to indicate entry for downtrend.
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Disclosure - I am long BTCUSD, GBTC. Short term GDX Bullish, SPXS Bullish, SHAK Bullish, MCD Bullish, LEVI Bullish