Signals & Trading Plan for Friday 9/13/19

Updated Friday 9/13/19  12:35 AM EST

Surge7 of the Up Trend that started on 12/26/18 is still going strong.  The upcoming important event is FOMC announcement next Wednesday 9/18.  

Updates from market internals
Market internals are all still bullish, but they are showing signs of easing up a bit on the bullishness.  However, we don't have enough evidence yet that this is Minor Dip2.

One of the challenges in identifying minor dips is that they are minor.  Market internals are great at identifying major moves. They aren’t quite as sensitive to minor moves.  

We think that there is a high probability that stocks are going to have a very minor dip tomorrow Friday.  And they are likely to resume the upward momentum quickly.

You will have to decide whether or not it’s worth your effort to wiggle in and out of your core positions on such a minor move.   

Table of support and resistance levels
The S/R table remains the same for now.  

Planning your trades
Bullish Setup
Stocks may struggle to get above Resistance1 a bit tomorrow Friday.  But if they do manage to pierce it, they will rise pretty rapidly toward Resistance2.  

We’ve listed Resistance2 as the target sell price for now for our Core2 and Core3 positions,  just to show you that TQQQ is likely going to reach that level.  However, we will wait until we have additional indications from market internals that Minor Dip2 is starting, before actually exiting Core2 and Core3.

Bearish Setup
We don’t recommend that you bet against the market at this point, unless you are day trading.  

Disclaimer
The information presented here is our own personal opinion.  It is intended to supplement your own research and trading systems.  Consider it as food for thought. We are not registered financial advisers or licensed brokers.  We make no guarantee that anything will unfold according to our projections. While we offer scenarios for you to consider in your trade planning, know that you are proceeding at your own risk if you follow our suggestions.  

Note that we trade highly risky 3x leveraged ETFs.  You may end of losing a lot of money with them. They suit our portfolio, but they may not be appropriate for you.    Please read more about them before trading them.