From yesterday's Comment Section, on the FAZ: (See Comment Section for math on the pattern):
"The most recent high, on June 3, was 4.97, near the 5.06 target that is IN PLAY, so if the FAZ continues higher from here (it's currently at 4.72), that's horiztontal resistance.
Remember that targets that are against the trend (the trend is bearish), are less likely to get made than targets that are with the trend."
The FAZ got to 4.94 off the Ascending Triangle breakout and the successful retest (white arrow) of the breakout in yesterday's trading, three cents from horizontal resistance at 4.97 (red line).
Suggestion: When you get that close to targets/resistance, it's a good idea to take at least "some" profits. The losses in the FAZ since the March low have been horrific. From the 4.62 breakout, that's a GAIN of nearly 7%.
From June 15, on APWR:
"It has established three data points for a possible second bullish continuation pattern if it can find Data Point #4 (question mark), then break out to the upside again."
APWR disappointed on earnings yesterday morning. It gapped down from 13.09 to 12.03, rallied back to 12.90, almost filling the gap entirely, then went into a serious tank on the heaviest volume in at least two years, if not all-time record volume.
I was looking for APWR to get through earnings, establish Data Point #4, then break out above the top of the pattern, but we can see "that ain't gonna happen." APWR had rallied 389% over the past three months, and "could have" tacked on even greater gains, but yesterday's 24% loss on very heavy volume tells us that it not only was "Buy the rumor...sell the news," the selling was very heavy on the BAD news (APWR missed the earnings estimate).
I bought IBM last Friday for 108.27.
IBM has had back-to-back Symmetrical Triangle breakouts and last Friday, it held above the top of the second one (pattern in blue) for a successful retest, at that point.
On Monday, the SPX broke down below the Bear Flag that we looked at last week, but IBM held at the top of the Symmetrical Triangle on a closing basis, within two pennies. The top of the triangle came in at 107.60. IBM closed at 107.62.
Given that IBM has had TWO bullish breakouts, and as of Monday's close, it also had TWO successful retests of the second breakout, I hated to give up the position, but I also didn't like the breakdown in the SPX. I "sold into strength" on the morning rally, and I was glad that I did. IBM held up very well all day, but got smacked going into the close and finished the session at 107.32, below the top of the blue triangle, which came in yesterday at 107.466.
Notice that prior to the first pattern breakout, IBM failed at the top of the pattern (white arrow), which validated it as resistance. Pay attention to those. When validated resistance gets taken out, the usually has some significance.
The lows of the second pattern (in yellow) successfully retested the breakout of the first pattern, then the second pattern broke out. That one was a "sloppy" breakout. IBM came back below the breakout, which always is a knuckle-biter, but then broke out again and went into the $110's.
Looking at the pattern in red, are you thinking what I was thinking yesterday morning, when I sold IBM into a "possible" Right Shoulder?
On Monday, the SPX broke the Bear Flag (pattern in blue) at 930.56, putting a downside target of SPX 898.18 IN PLAY.
956.23 - high of the pattern, which also was a Fakeout/Breakout
923.85 - low of the pattern
956.23 - 923.85 = 32.38 points of downside from the break at 930.56.
930.56 - 32.38 = Target: 898.18 IN PLAY
Interestingly, the top of the Symmetrical Triangle (in black), the breakout of which put 971.57 IN PLAY, came in yesterday at 912.069. Yesterday's low was 911.60. The close was 911.97, just ten cents below that trendline, so officially, the 971.57 target goes ON HOLD until we see what develops. This is a "knuckle-biter" for the Bulls. Similar to the break back below the second pattern (in yellow) in the IBM Hourly Chart above, unless/until the SPX rallies back above the trendline (IBM did break out again), the breakout is in question.
Goldman put in the second leg of a Double-Bottom/"W"-Bottom at the close on Monday afternoon, then broke out above the 144.45 pivot of the "W" yesterday morning, putting an upside target of 145.89 IN PLAY.
144.45 - high of the pattern
143.01 - the more conservative of the 142.90 and 143.01 lows
144.45 - 143.01 = 1.44 points of upside on a break above 144.45.
144.45 + 1.44 = Target: 144.89 IN PLAY
The target got MADE within four cents. Goldman rallied to 144.85, which was the session high. When Goldman sold off, then rallied back to near-term resistance (horizontal red line), I shorted it (red arrow) for a playback to the 144.45 "W" pivot support area, and covered the short on approach to that level. That worked out nicely, for a change, given how Goldman has been blowing past my short entries. It went down from my entry fairly quickly, and was in the trade for under fourteen minutes.
Gain on IBM: $500. Gain on Goldman: $800. Session Gain: $1,300.
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