We have one new activation over the prior week, XLV. Weakness over the past week has brought some of the trades back to targets, including AAPL and IWM which are both below their 2nd targets.
New Activations
- Short XLV
Previous Activations
- Short Bitcoin (Tgt 1 hit)
- Short Natural Gas (Tgt 1 hit)
- Short WMT
- Long MRK (Tgt 1 hit)
- Short XLRE (Tgt 1 hit)
- Short CRM (Tgt 1 hit)
- Short AAPL (Tgt 1 and 2 hit)
- Short IWM (Tgt 1 and 2 hit)
- Short SPY (Tgt 1 hit)
- Short NFLX (Tgt 1 hit)
- Long MCHI (Tgt 1 hit)
- Short XLY (Tgt 1 hit)
-The trade turned active with a break below the trendline on September 5.
-Price has broken both the 50 and 200-DMA, retesting the 200-DMA intraday yesterday (September 7) but failed to close above it.
Short Bitcoin (Tgt 1 Hit)
-The short set up was triggered on August 16 with a break below the trendline. Bitcoin had a sharp move lower since then, hitting the first target two days later, and falling below the 200-DMA.
-The surge above the 200-DMA on the back of optimism of a Bitcoin spot ETF was short lived, with Bitcoin now approaching target 2.
-The short trade activated on August 16 with a fall below the trendline.
-Price briefly fell below the 20 and 50-DMA, but has climbed back above and is one more close higher before it hits the stop loss.
Short Natural Gas (Tgt 1 hit)
-A break below the trendline on August 23 activated the short trade.
-After briefly going back above the trendline, natural gas futures have fallen back below it and are trading close to target 1, which was previously hit.
Long MRK (Tgt 1 Hit)
-The trade activated on August 11 with a move above the short-term trendline.
-After hitting target 1 previously, MRK has fallen below both moving averages, but is trying to break back above the 50-DMA now.
Short XLRE (Tgt 1 Hit)
-A break below the horizontal resistance line on August 3 activated the short trade.
-XLRE hit the first target Wednesday August 16, allowing traders to take some profits. It briefly fell below its upward support trendline, but has rebounded higher since then, hovering near the 50-DMA.
Short CRM (Tgt 1 Hit)
-The trade activated on August 2 with a break below the trendline starting in December of 2022.
-CRM rose back above its 50-DMA recently on better-than-expected earnings, but has not seen any more follow through to the upside since then.
Short AAPL (Tgt 1 and 2 Hit)
-The trade was activated on August 2 with the break below the trendline that has held since March.
-AAPL has seen significant weakness the past few days as China banned Apple products, sending the stock back below target 2, allowing traders to take profits if they did not the first time around.
Short IWM (Tgt 1 and 2 Hit)
-The trade was activated on August 2 with the break below the trendline from the beginning of July.
-IWM rebound off the 200-DMA has stalled, with price reverting back to that level again. A break below the 200-DMA again here would increase the odds of target 3 being hit.
Short SPY (Tgt 1 Hit)
-The trade was activated on August 2 with the break below the trendline that has held since May.
-Price has fallen back below the 50-DMA after the relief rally as Tech stocks come under pressure driven by higher rates and AAPL’s downside pressure.
Short NFLX (Tgt 1 hit)
-The break below the upward trendline on July 20 activated the short trade as NFLX had lackluster earnings results.
-NFLX fell slightly below the price channel after it hit target 1, but has rebounded back into the price channel.
Long MCHI (Tgt 1 Hit)
-Stimulus measures vowed by the Chinese government helped MCHI breakout above the trendline and activate the long trade on July 26.
-Further stimulus measures over the weekend helped Chinese stocks rally last week, but price was unable to go back above strong resistance at the 100/50-DMA and trendline.
Short XLY (Tgt 1 Hit)
-XLY broke below the trendline which activated the short trade on July 20.
-Short-term head and shoulders top pattern led to downside, with price hitting target 1.
-Price was unable to hold above the 50-DMA, falling back below after the recent relief rally.
Nice following, thanks.