First chart is a 3-mo of the SPX. It is still caught between the 50/100-day MAs.
Thursday, February 25, 2010
BREAKOUT SETUPS
I like to scan the 52-week highs list regularly to see if there are some sweet swing setups. I did find a few that 1) broke and closed at or above resistance, 2) all made 52-week highs. It is an obvious sign of strength when stocks are breaking out to new 52-week highs while the market remains in a neutral range. In addition, follow up checks on a stock's sector group is encouraged as you may find those stocks mimicking the same patterns.
First chart is a 3-mo of the SPX. It is still caught between the 50/100-day MAs.
First chart is a 3-mo of the SPX. It is still caught between the 50/100-day MAs.
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2 comments:
Hello John,
I love your blog. I've been reading it now for a few months now.
I just noticed something looking over your post of 2/25/2010 which shows the breakout setup:
You do not use a logarithmic chart look. Please, sir, could you explain if this is a preference of yours just for short term trading, or maybe it is your chosen method for all time frames?
Curious,
Rock in Key West
Hi Rock,
I use both. The parabolic ones shouldn't be used in log scale for best picture.
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