charlesmccann

charlesmccann

AMC - ascending triangle pattern (1 hr chart). Recent Fib pullback to support extension. Looks like we should run higher soon.

charlesmccann

I think we will have a rubberband effect shooting us higher still, likely to the next Fib levels. We will then expect a strong pullback to near primary uptrend lines. Expect possibly March timeframe -- with normal higher highs and higher lows on the way. (RSI not shown is approaching overbought levels)

charlesmccann

wedge formed. Needs to hold the movement up and get back above 3240.

charlesmccann Updated 

Expecting reversion to the mean to begin soon. Likely will retest the 200d MA -- maybe back to 3065 or 3125. With fear still in play, we'll break below 3025 again with a target of 2700. Expecting more uncertainty, fear, and concern over the Coronavirus to drive the market lower.

charlesmccann

Breakout move today. Squeeze fired. Looking for a move to at least 2760.

charlesmccann

I have a short bias on the SPY, but need confirmation. With Feds ending QE in October and the market typically pulls back in Oct / Nov, I think we are looking at a possible down trend soon. However, the last times the market went through the 117 MA, it held its low and then recovered strong pushing new highs. We just went through the 117 MA. If we continue...

charlesmccann

As long as the market recovers (I should have been saying that with my latest published charts), we should see a bounce off the light green line. It falls through, could hit the dark green line. If it holds above green line on 3/17 and 3/18, I'll probably add positions. Target 81, 90, 92.5. and 97.

charlesmccann

JCP has high short interest right now (43%) so they'll have to cover as it rises While I don't intend to hold this for very long, it has great potential to the upside. Several tight stop opportunities depending on risk level (8.07 to 8.50). Looking for targets of 10.3 and 11.5. Stock held well through the market down turn recently. Have fun!

charlesmccann

reference this chart for the day view and overall strategy.

charlesmccann

Taking long positions when touching green line (or when BB lines inside KC). Be cautious of the potentially changing market.

charlesmccann

Chart is messy since I analyze with 30 min charts typically. Anyway, this is approaching a key decision point. Watching for triggers to go long or short. I'd like to see it get back above the bottom trend line (151) to confirm long. Previous testing at this resistance (148) touched 142 before bouncing back. However, we held 148, so should be a higher...

charlesmccann

I don't think it will go back to the 172 bounce line, but it could. Looking for a target of ~179 (the 1.618). The down market has had a hand in hurrying the stock down. I expect 1 more day down before we see resistance.

charlesmccann

To get a full understanding of what is happening, see the month view: (the blue trend line down was just an arrow from the monthly view) However, for the options, target extensions 1.27 ($116 and 114), and 1.61 ($112 and 110).

charlesmccann

This is a lot of symmetry. I'm definitely short this in the short term, but I wouldn't be surprised if this makes it to the first target zone (90 to 95) area.

charlesmccann

still bearish. expecting one more drop (possibly to 327) but most likely to 337 before bouncing back up.

charlesmccann

head fake today. Definitely don't want to be long yet. Target of 327.

charlesmccann

Possible reversal forming.

charlesmccann

Probability of a bounce (Fib Retracement, Fib Time Zone, and Trend Lines). Stop on 35.39. Might be able to catch an entry trigger at 36.