Tackle Today: Bullish Patterns Everywhere
August 4, 2021
≈Tuesday brought buyers to the yard≈
Traders,
Coach Tyler here. Tuesday’s intraday market reversal was impressive. The S&P 500 was testing the 20-day moving average midmorning and threatened to break short-term support. And then, someone flipped a switch, and stocks turned higher. The rally continued throughout the day, with the S&P 500 closing at the high. It’s now within spitting distance of a new record.
We’re entering Wednesday at the top end of an eight-day range. We’re also fresh off a powerful daily candle which makes an upside breakout probable.
At the same time, I’m finding dozens of bullish trade ideas – without even looking! This, my friends, is what’s lovely about bull markets. Buying dips works. And when it doesn’t, good management and the eventual market recovery bail you out.
I see breakouts in BP, SNOW, NUE, MU, AMD, KR, LLY, PFE, ORCL, WFC, FAST, UNH, TGT, AFL, WMT, and more. Some are begging for pullbacks; others are just starting to ramp.
Retracements and higher pivot lows are starting to beckon in FB, XLE, XME, KRE, XLF, QCOM, and DAL, to name a few. Are you having as much fun as we are?
#TeamTackle
Chart of the Day
S&P 500 is Itching for a Breakout
The S&P 500 ETF (SPY) is a pebble toss away from blasting through the topside of its 8-day trading range. Here’s to hoping it happens and more bulls rush in to join the party.
Video of the Day
Sector Analysis
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