Paid By the Hour

The market broke its four day winning streak today, as we saw an anemic low volume sell off. But before the pundits take this small opening as a reason to squawk their nonsense, I thought I would look at how the hourly charts ended up today after this nice rally.  The daily chart is too vague here, but the hourly gives you a good read on where some stocks and indices landed . All very bullish.

All of these patterns by the way, are my favorite long buy set ups.

$WLT  landed on the rising 20 dma.

wlt5 300x199 Paid By the Hour

$QQQ came within pennies of  its20 dma hourly support and bounced in the last hour.

qqq2 300x198 Paid By the Hour

$IWM the Russell 2000 etf closed above its hourly 20 dma

qqq3 300x198 Paid By the Hour

$SPY closed above its hourly 20dma

spy3 300x198 Paid By the Hour

$DJIA also closed beautifully on its hourly chart

dow jones1 300x198 Paid By the Hour

$KOL also closed well even though it had a session of profit taking.

kol2 300x197 Paid By the Hour

$UDN is the dollar bearish ETF. It’s at big daily resistance, but also landed nicely on hourly support.

udn 300x197 Paid By the Hour

$XLF has held a good hourly level after its breakout.

xlf24 300x187 Paid By the Hour

I’m loaded up with these set ups but you get the picture. You can call these patterns flags or light volume pullback wedges depending on the angle of the dangle, but they are all orderly, light volume pullbacks that look set up for higher prices.

Good luck tomorrow.

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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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