Author Archives: pricentime

Short Trade $BAC 2nd Update

At 11:58am today, we posted a chart stating the intraday bounce to the 38% retracement was likely over if the price was able to violate 22.17 on the downside.  It stopped right at 22.18 and turned around to take out the previous high @22.58.  It closed at 22.63.  The action from 22.18 low to 22.63 was commendable on the bull side.  The strength of the rally was impressive.

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$BAC Intraday Bounce is Over

BAC bounced to 22.58 to meet resistance at R1 and 38% retracement of the swing from 23.41-22.01.  It breached daily pivot range high at 22.40, but was unable to breach 3-day rolling pivot range high at 22.71.  Once it violates 22.17 to the downside, it will resume selloff to test 21.77.  If it can’t take out 21.77, it just means BAC is taking a break on the downside.

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Possible GDX Daily Cycle Inversion

Today is the 18th bar in the daily cycle, it should produce a bottom.  Instead it made a higher high on the 17th bar.  It’s knocking on the door against the 38% retracement at 23.63.  If today it takes out 23.63, it will have more room on the upside.  Overcoming 23.63 would indicate a beginning of a new daily cycle.  Watch out for 23.63 level.  Long term it is still very bearish.

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Short Trade $BAC Update

We shorted BAC at 23.22 on Friday Jan. 13, 2017.  Our stop loss is 23.41.  Since we opened the position, we never had paper loss on the open equity.  Today was the 11th bar in the third daily cycle. The daily cycle went on schedule without a hitch.  It gapped down at open and bears were in control the entire day.  The fact it closed very near the low of the day

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SP 500 Cycle Location Update

We were at the 10th bar in the 3rd daily cycle.  The last nine trading days have been range bound between 2254.25-2282.10.  The high @ 2282.10 established on 01/06/2017 has not been violated.  Violation of 2254.25 on the downside will indicate the selling pressure is picking up.  The selloff will last at least until Jan 26, 2017 to be around 2200 price level.

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