It's not very often that I focus in on the ETF's as a trade but the action we are seeing in the Q's (QQQ) is undeniably attractive to the eye. You have a textbook head and shoulders pattern followed by a break down and then rise that takes price right back into resistance.
If you look at the S&P, you'll see as well, that it is having resistance of its own to deal with. So both indices could see some selling pressure heading into the close or as we progress through the week.
On the flip side, FDX looks like one of the safer long positions to be in until the market figures out which direction it ultimately wants to take. Until then, I plan on trading conservatively, and not over exposing myself in any one direction.
Here's today's Long and Short Setups.
Long: FedEx (FDX)
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida with a wife of seven years as well as one lively son. More >>
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