Saturday Review’s recording (for 9/23/17) …Sooo close.

This week’s choppiness only ranged sideways after Monday’s opening rally. But its price action offered several important clues going forward. Leaving “unfinished.business” outstanding below instead of above, chipping away the support of “lower prior highs,” and avoiding a nearby new trend high close on a Friday. None of which is a sell signal, let alone a trigger. It would make a difference whether the catalyst for decline is a N. Korea bomb, or simply a break under support. Meanwhile, a relief rally probing new highs remains possible. We discuss these influences and setups and more in this weekend’s Saturday Review…

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The following stock requests were reviewed in this order:
AAPL, AMZN, TSLA, GE, QCOM, ADBE, AZO, ORCL, STX, ARNA

Alright good morning and welcome it’s Saturday it’s time for the Saturday review in a little feedback here but with me one moment alright so not a lot going on and that is as far as new elements or I should say as far as new prices we don’t really have a new set of prices and coming into the clothes here we’re still overlapping previous week’s ranges but we do have some new elements one of the most important elements is that unfinished business left outstanding is now on the negative side is now below objectives attracting price lower as opposed to objectives left outstanding attracting price higher and that can help too maintain a rally maintain momentum just maintain the context of there being a temporary pull back if there’s some unfinished business left out standing above but the market has started leaving unfinished business below so by the same token bounces or temporary until they had unfinished business is neutralized and if it’s neutralized without creating any new unfinished business then there’s a chance to reverse and so on last week last week it was or began with on Wednesday oversold are size left 2494 the point being that takes all available strong handed selling sellers or sponsorship to produce oversoul we’re all available strong-headed buyers to produce if price drops into oversold territory and the reaction the balance would therefore be the product of weekend buyers so the context is at this is temporary however High Reach for however long there may be other elements that come in and I’ll set it or over overshadow it Summit reinforcement this was a pretty big bounce but it didn’t accomplish anything and that one timing window they hadn’t been accomplished already in the same day so that attraction remained very much alive in fact the next morning triggered by a touchdown putting into place to buy at Target that was essentially a retest of Wednesday’s low nothing new but again compounded it and ultimately can’t sit here but overnight overnight drop to 2492 that did fulfill the retest did neutralize attractions unfinished business Thursday was that exploded was the opportunity to put in some sort of a rally recover some sort of a resistance Etc was that opportunity exploded with the downside attractions neutralized in the answer is no what I was doing before yesterday’s open we are just coming into this test just coming into this test and can hear we’re holding it again and I’ll be at a higher level but holding it again fires aren’t recovering into back into the uptrend pattern that’s just one Glimpse but that’s what opportunity that was missed not for lack of trying that resistance of trending resistance held and it was a very late surge by the way everything else had no ranging in negative territory and under the prior sessions Lowe’s not a timely recovery and truly not into positive territory so that is pessimism it’s ineffectual to some degree but it is pessimism and it’s not optimism or it’s not I should say bullish so one other thing to consider is that and it’s sort of unfinished business but not and that is what it counted for or help to account for Wednesday’s low Wednesday’s low was testing lower prioritize that is the previous week’s consolidation multi-session range singular numerical representation of that before we even got there we knew was 2495 5024 95,000 testing it we were able to comment on this in real time that there was a pretty big fork in the road either sellers were going to at least three group or they had to basically fall off the edge of the cliff here and they regroup the 24 9550 has come in it was truly influential yesterday on Friday 2495 50 being lower prioritize being the singular numerical representation of this pattern size it’s already been influential it has already does matter how many sessions or bounces or contributing to the formation of that lower Pryor High value there’s just one test of it one opportunity for it to be influential and it was at this point right here at this point there is now no reason to visit the Lord there’s no other bullets reason to call on this support resistance to this range but now support from above no other reason to call on that support to try launching recovery to try containing sewing pressure and yet here it is the overnight doesn’t care it doesn’t mean that we’re going to break through immediately and you can see it doesn’t mean that but it does now if it wasn’t already is distributive or bearish we’re just chipping away at support maybe it’s a function of still lower volume from the holiday maybe it’s a function of it being a Friday difficulty in getting sponsorship in other words to actually break but the context is chipping away at support not accumulation so there is no reason to ever visited 2495 50 it’s already been influential Andy bounce in the interim no matter how high we could get there we can even prove fresh eyes but the context is that this support needs to be broken and having tested the upper end of that range the lower end of that range is next targeted and I just touching the lower end of the range not this but actually probing under it and I should point out that often that’s resolved by gapping under the upper end of his reign as influential as it has been and then suddenly after sellers of regrouped the gap down under and extend down and by the way 2491 292 area will be more precise as we get there but stance that can be tested before extending down that’s that’s the bearish scenario and the bearish scenario by the way resolves big does a 9 Minute chart and here I’m going to get rid of the 9-minute tried giving us a little bit bigger picture just to point out the next lower resolutions we get under this 2490 lower end of this range there’s a lower Pryor High it’s very nominal but a lower Pryor High at 20 4586 but essentially I would expect 2460 or so to be the product of that leg yes we break lower the bullish scenario which before I describe let me point out why it’s the likelihood is less so after this week and it’s not because of unfinished business being left out standing below other than that 24 9550 that didn’t have any bullets reason to be Revisited again after Wednesday held it we knew when it was Revisited again if it were visited during a relevant timing window other than overnight or an opening 15 minutes at cetera exiting a timing with or without recovering from its test would be would give us barish context not not because of that outstanding and not because of Unfinished Business left really kind of only unfinished business left outstanding below there’s no there’s no bias down try to get those are all neutralized but more so because of the opportunity to be bullish that has been at has not been exploited that is the biggest reason the biggest reason for being suspicious of the outside of the upside if not doubting it all together specifically on this week on any Friday like last Friday that made a new trend High clothes which says even if there’s an immediate pull back the context is bullish and we expected to recover and we expected to go on to produce at least one more new trend I close maybe a hundred or Friday doesn’t just happen I close on a Friday typically means overwhelmingly means just like an oversold or in the case of a Friday which is lower volume that they don’t disagree and you just don’t see new trend high or low closes on Fridays but actually producing another also pretty quickly last week Monday Monday’s break out clothes from the prior week was confirmed by a second consecutive that require its own clothes that was fulfilled on Friday is being fulfilled more specifically last week there was a great opportunity and we didn’t do it this week and certain degree of responsibility given to this late for that may be a better word because of the overnight threat of exploding a hydrogen bomb in the middle of the sea by North Korea and that that acted to has all of those wretched thing reacted to are all the glimpses of escalation or being reacted too poorly so maybe that is somewhat responsible for Friday not producing a new trend I close for the fact is we was within proximity and it already stretched rubber band and had already had neutralized these downside attractions had already tested the lower prior I could have gotten that done could have isolated that probe to the overnight to some degree pessimism is potentially bush from a contrarian perspective and it’s pessimism after the open that prevented rallying you know ahead of the weekend where there’s a bomb being set off it might be difficult to attract buying pressure after the weekend after the weekend for instance what led to that two-week-old confirm Breakout remember what happened there a little bit of that was lessening of the tensions in North Korea or seemingly at the time but also because the weekends hurricane was less damaging than had been anticipated and suddenly break out well similar resolution of relief rally is possible on Monday if we’re all here to talk about it or at least no bombs going off in the middle of the ocean then okay that’s why we have to be aware that since we’re not already reversing down there’s still going to be potential to retest the hide to put in another fresh hi. Hi close but the corner hasn’t been turned what we do know the context has turned to barish so relief rally will be on Monday will be the last opportunity too and not just a relief rally but actually maintaining it and producing a some kind of a close in this case would be a break out clothes that would still be needing confirmation but in order to prove by proxy that we didn’t make a new trend I close Friday because of those fears ahead of the weekends liquidity that the relief rally would suggest okay for past that compensating for lost time literally a session long rally type of setup anything shallow or anything less persistent and certainly at the clothes anything that hasn’t held on to new highs would just be more of the same Parish distributive price action and would confirm that a corner has been turned that the context is bearish and that what we even started seeing last week that we’re going to look at the moment among the or even if I’m sorry we started seeing a very the Virgin tone among the three major indexes last week and it was confirmed on Monday that there is a shift from speculation to safety among stronger hands that tends to be followed by significant pullback Friday night confirmed with the second consecutive on Tuesday and we can put a lot of the risk of the downside behind us as much as the indications as much as the context they have reverse to barish there’s a number of things that can well there’s one primary thing that can happen that can set all of those but by virtue of happening at all suggested all those barish indications are not necessarily week handed but being overshadowed by much stronger hands or newer development remember 2 weeks ago on Friday Friday morning was greeted with an opportunity to fall off the edge of the Earth here or at least to retest the week slow we’d had at that point one rally. And that was Tuesday afternoon of the holidays shortened week we haven’t had much by way of introducing Rowley since then we had an extra day rally Monday two Mondays ago that is but intraday those narrow choppy ranges no real intraday rallying maybe a couple but nothing that’s produced new eyes like 2 weeks ago so we’re just not seeing a lot of sponsorship for basic basic leasing price drag higher or sustained grudgingly but two weeks ago it was a similar story in the market reacted up so one more time don’t be surprised at Fresh highs just be surprised the franchise after that first session continue rallying all of this is suggesting that we shouldn’t be extending the rally we shouldn’t be confirming the rally and as long as this is going on we shouldn’t be delaying the Rally’s reaction down much longer I see a couple questions and then I’m going to come back and do the so what size are usually stronger than lower prior Lowe’s yes so for instance we’re talking about this multi-session range which you can tell from the overlapping in the congestion create slower prioritize this is the range though it’s got a lower end as well Fibonacci measurements identify a singular numerical representation and there’s also going to be a representation of if we do get blowed them of the higher which is usually the case in trending that’s all it takes it’s very natural to test that and extend higher would make this retest any more bearish would be as if the interim had produced a fresh eye and then returned to that lower Pryor High without actually touching the lower Pryor High without actually reacting to the extending their support their I would expect support if that’s tested intraday in any case but especially if the lower prior I did not have not stopped price action had this lady just extended to the prior low that would have produced support but once the lower prior eyes tested and responsive or influential if it’s tested again that prior Lowe’s test is not going to hold and they produce some obligatory temporary support but ultimately not hold what I consider dating a Monday morning in the context of the unlikelihood of a new I closed it depends I want to see the open because it’s entirely possible being a relief rally it’s entirely possible that it looks something like this and that was my point in identifying that as a relief rally that originated because the weekends damaging on Florida while they were very damaging by Hurricane Irma we’re not as damaging as anticipated and that was that was identified as the major reason why we didn’t do the relief rally but basically it was because this was his marriage to set up and become as be rushed from the open pre-open Action as it could have been and didn’t break lower and sew a bearish set up that isn’t triggered is going to be as boorish as it could have been bearish and this was before so the relief rally could look like this so I wouldn’t want to save the initial test of the prior high without looking at it in context it’s possible that might be the setup but will take a look at it but that’s the general idea I do want to make sure that is the general idea at least for the scenario which on Friday last Friday printed a new high the Dow last Friday had printed a new I and then of course and Qs last Friday. So much and they went on on Monday Monday despite piercing or touching Friday’s High closed lower reactive down sharply but not he SES held up and so did the Dow in fact the extended hire through the week hand held up very well versus Mondays Monday mornings Monday’s opening search that’s the Del Sol again the dabbing the reflection of safer just a repository of 30 of the safest quote unquote safest most widely followed most consistent earnings most liquid so you have to be in stocks and you don’t like being in those are the stocks to be m e s not so much BS came back down into the prior week’s performance performing now yes it wasn’t so much but then also continuing not just still not participating in the outside with the Dow But continuing the under performance by actually diverging so all told that’s rotation out of Safe speculation and into safety by the stronger hands which typically precedes across-the-board price markdowns we haven’t seen any change despite the levitation Act of the week alright and this is not going to be reflective stronger hands but if we tried doing this look at this, because it’s so we’re stronger handed institutions that is fiduciary rules of money are rotating out of nq’s which is double income streams still liquid liquid enough so that weekend I suspect that that’s largely impacted by bitter money bigger players where bigger players are moving out of that speculation or showing us that bigger players are becoming less speculative week her hands are still happily strolling along so any initial selling pressure that is that’s probably going to have an effect it’s probably going to have a substantial effect and affect and not anybody but clearly the market is not in a good mood regarding bomb talk let alone so we assume bomb detonation but here’s the thing that’s not an organic that’s an artificial or external cause and so if there’s a negative reaction it certainly can be productive we can get that gap down under these prior Lowe’s of last week’s or would it be the prior week’s multi-session range we can get that dip and that bounce back to the prior Lowe’s and then extend down we can get for 6024 we can get that all done because of the catalyst because of it being a reaction to news we’d expect that to be temperate and maybe maybe it’s only a temporary dip may be a reaction to an actual Dead Nation only test 2499 25 x and then recovers that through the open that could be it now I’d still be looking to sell pies or projections of the highs but that too could be the temporary knee-jerk reaction to a news headline weak hands that are sucked in by me jerk reactions to external events those aren’t strong handed sellers that have been Distributing all the way up the strong and then going to step back and maybe they let this play out a little bit more deeply than just a test 2490 but actually down the 2460 but not the case the recovery of some sort would be likely alright let’s go ahead if you have any other any of the questions about the market feel free to post those but meanwhile let’s go ahead and do as well I see Amazon everyone and circle back around till we get through them all Apple which the demonstration it hadn’t gone wrong yet but I wanted to point out at the time that typically if it hasn’t already and we came up with several short entry parameters one being strength is before it was even tested we are looking at that potential if that were offered and it was and having offered it closing that if there were a probe of fresh eyes Andy clothes back under 160 225 ultimately was broken which in this pattern wasn’t just to retest low but actually targeting basically one 50/50 plus or minus which was met on Friday and all the news is pretty much out I believe isn’t it aren’t we are very well aware of the bad demonstration and the bad reviews I believe there’s a product defect that’s also being dealt with and I’ve heard of short lines I haven’t seen Short lines I’ve seen I have seen long lines but I don’t know that that’s not just anecdotal but the point is is already been a lot of selling pressure and it’s even full filled the objective of the setup that’s not to say that this is a long entry now one 50/50 but there’s an opportunity in here to end and the pull back that I don’t know how this does in the context of a broader Market falling apart at the broader Market is falling apart but at least for the purpose of correcting this down leg closing on Monday no this will be a little bit sensitive to whether there’s a fresh low I would like to see if possible this isn’t necessary for the better get down to this which is coinciding with the Fibonacci calculation 4851 4845 this isn’t required to be tested but that would be that kind of a turn would be pretty attractive to close back above 150 41 50-50 on Monday otherwise closing back above 150 – 35 + 50 – 40 that would tell us about is underway bounce there is this from the end of July and this has yet to be it’s not as much requirement but it is still hanging nevertheless didn’t avoid or deeper than 973 and so presumably it is in a deeper pull back presumably it’s on its way is really no reason at all naughty stuff after its first test so ultimately it is from a barracks contact because what this is doing now is chipping away at support not being a cumulative sort of like the 80s so it really real time whether or not this pattern is playing out this berries pattern if that support no longer exists there should be an air pocket through it to the next lower Pryor High which is basically 9:02 it looks like not that that’s the ultimate objective but we should see behaviors consistent with this no longer being support or supportive and there not being any support until what actually becomes an attraction so as much as it is support down to these lower prioritize so not yet but on a fresh low I’d say under 947 really want to see this behave as if an air pocket is too suddenly opened up can then lower otherwise just to be concerned with it there is still potential for you know if we come in on something relief rally we could just get big noise but until recovering 10:12 to 10:12 area we can’t expect fresh eyes alright Tesla is it still looking bullish or not anymore and the cell signal hasn’t changed the 314 the cell signal signal hasn’t changed and its objective to 60 small c262 car hasn’t changed can we get an early indication now that we’ve produced a retest of the high no matter what regardless of what level might be outstanding above in this case for 12 structurally the pattern the bottoming the interim drop that we that was able to hold test said that sells signal instead of collapsing below it instead of acting down and inflected up structurally that has been rewarded structurally that has been rewarded by returning to the origin of that drop which is a new high so can we get a higher so that we can now it’s not necessary to reject the entire balance that would had yet to be productive in order to momentum reversing down now that that rally has been rewarded we could see new sewing pressure come in okay and I would call it right here at 3:42 so under 342 would be the first opportunity to indicate that regardless of any calculations structurally the pattern is reversing down for whatever purpose maybe two before bouncing again but 342 Saturn’s here NGE is this a bottom or is it just a corrective bounce it is neutralizing some unfinished business about some attractions like this Gap there’s another one outstanding so certainly possible that that’s all that’s happening hereI’m going series of lower Lowe’s in lower highs we could we could see 2565 2570 has a corrective bounce not that it’s targeted but 2565 2570 not SLE targeted but it’s test would likely hold and reverse the trend back down proving this to be just a temporary corrective bounce returning to the Lowe’s or at least I shouldn’t be so it’s really possible that the reaction down could hold a higher low something above 24 24 twenty so that we basically have a decision point in this rain that either extends down or results to another new ID that would be premature for this to be a change get out of 75 2585 that’s the earliest I could start to assume that this has actually turn the corner and I’m sorry I’m just seeing this question saying that under 342 with projected to 60Florida 342 would a potential for extending the 260 yes but we have to get through that 314 area and then yet to 60 is the lower prioritize alright Qualcomm okay on Qualcomm and it’s basically a very charge here at least under 53 and there’s potential for testing 53 there’s not a requirement in this pattern to actually get to 53 just a likelihood of getting 253 regardless of the resolution that resolution even likely to be Parishmeanwhile regardless of whether 53 were charged under 51 would indicate that the client had already resume and it is in this case to decline beans fresh level at least maybe just a retest the 49er yellow maybe to resume the decline but in any case back to the lower get out of 53 and it’s kind of no-man’s land up to 54 5354 but closing about 50 for 25 would that indicate a bigger rally underway and could be a pretty substantial Valley that point I’m not expecting to test 53 hold it down more likely that all goes away about 5425 e underway or weakness I wonder which day that was but we still on December 13th so I can answer your question so typically post close earnings not the next morning. Pretty open so it’s not Tuesday’s closed Tuesday session that matters but the prior day the day prior and we can see to some degree you can basically trashed out the pattern here here’s the prior high it was not greeted the day prior to earnings from the prior hi there was an ongoing persistent downtrend position of weakness it exacerbated by even probing on the day that was not relevant or that wouldn’t be influential in expended that buying pressure so that’s weak headed optimism approved out by closing back under that level anyway that was that was not necessary but still relevant so we have a downtrend any unfinished business 5659 and it’s irrelevant to test it to overlap it until it’s tested From Below until prior ranges or tested then bouncing back up to 6:59 would neutralize that attraction and it was couple times too little and it’s not well developed the break above it isn’t well developed before it’s actually called as support but more so proud call it 150 360 and there’s that gap down from above the upper end of that range to below it so it some point it’s really possible that the lower end of that range will want to be tested will be tested From Below and it would likely now being higher priority Lowe’s it would likely create resistance or offer resistance of tested From Below they’re also indicate that the trend may be reversing up but that’s another story that we want to see more we need to see more on but meanwhile how deep of a pullback there’s a critical support in here 1:45 to 1:40 +61-437-146-5147 14051 4600 until until they tend to that next lower attraction bounces would be suspicious so back to that story about the higher priority as being tested and potentially reversing the trend up if those higher prior those are tested after neutralizing that downside attraction 146 area 145 650 where there’s probably going to be otherwise attractions below 154 would still like Leo but likely in order to launch another down leg AutoZone AutoZone September 19th openinteresting V bottoms and tops love to be retested and here’s one right here just that Spike flip up black down held lower prioritize every Point level to recover is 577-576-8577 there’s a cluster as a singular numerical representation of a cluster in here but essentially lot of resistance the barish barish scenario would never the less we test that Spike I entered a and clothes back under essentially the dash lines year the burden of proof despite having rally to that point several days consecutively back to the high if the high were tested and the clothes were to reject it back under the 576 7585 area even keep the burden of proof on buyersI know this isn’t just for Monday this these are just the levels of a persist through time until there’s a fire close closing at 5 6465 would reverse the trend down much more reliably and how can it do that all that from just up here because this was a pretty big warning shot across the Bow Wow already deteriorated the lower prioritize that no longer that that wouldn’t offer durable support if we tested and under the right conditions could produce a basically an air pocket below meanwhile navigate to negotiate that successfully and say to 664 so big reward for getting through that initial reaction High the for recovering and extending the one thing that concerns me back to the High clothes closing back above 4940 with Target it’s retest at least meanwhile there’s potential to extend this dip 246-4570 before suggesting anything more substantial may be under way to the downside the very odd pattern but as I say disjointed but it does have some structural price points that have some pretty likely behaviors such as filling the Gap at some Future Point back to this High clothes alright that’s what I see and I’ve got some to look at it but I say Sterling Seagate which is how they got that symbolbut interesting really like the multi-session range for the opportunity to base for the opportunity to and the decline by absorbing dips just hasn’t yet resolved in recovering a bubble Pryor High as long as that has been teas that without actually producing it it better do so by I was literally exploding higher if it’s going to be valid weather that’s just a 40 or 42 basically but here’s the risk and just to point out how this played out in another pattern this week for instance I’ve got these ongoing intraday probes of fresh Lowe’s each day is recovering the clothes back within the range but never back of a Pryor High Never Back above a resistance point and so it remains vulnerable so that’s the similar concern and that’s even when there was a knee-jerk spiked up that was on the on the news so I need your spiked up is one thing but actually closing Above This resistance of caught 3322 3425 that’s going to be necessary to get to resistance other one at least corrective bounce Target it is a pretty critical areatry nothing really great to offer on that any other day of the stocks to look at comments questions no hi everyone thank you thanks for being here thanks for questions observations if any stocks are behaving at all interesting way oh no I’m sorry I did say I wanted to update 1 that old arena I will keep looking at the correction having ended haven’t yet seen volume this I just want to point out and there’s a couple people in here in it price is doing what it needs to do volume is not not yet I really want to see volume expand as we get past this 2475 area if you see a bar that has no that is above 24 75 and no longer touching 2475 if it’s volume is not almost literally exploding higher than there’s an issue otherwise that are remains very much intact alright again thanks everyone for being here taking part of your weekend chart room will be open tomorrow night for the glove that’s open at 6 have a great rest of the weekend take care