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How to Build a JBTFD Screen (Works Up or Down)
It’s all about the percentages, not about prices.
1. Using the FinViz.com screener …
2. Select Average Volume “Over 100K” per day. This is to keep the bid/ask spreads as narrow as possible. Greater volume means thinner B/A spreads, means a smaller fool’s premium paid to market maker for bid over ask. Don’t just give away money on fat spreads of thinly traded stocks.
Thursday was a long, deep drink of cool water for bears after living in a technical desert for many months. It was the third drop of 300 or more points by the $INDU during 2014 (with the first two times occurring in January 2014). I was impressed with this technical event arriving on the last day of the month. Volatility showed up boldly and US equities just declined (and then declined more). Dip buyers were stunted for the 1st time in months.
Market Notes
I’ve been having a great holiday with lovely scenery and weather. There is only a slight pall on the week that it has been one of the most interesting weeks of the year, and that I called all the key levels on Monday morning, so I would have had a really very nice week had I been working. That’s life I guess.
On SPX the break below double top support yesterday morning targets the 1914 area, close to the weekly middle band at 1912, and the 100 DMA at 1911. That area should be strong support. The strong support I mentioned on Monday under the double top support level was rising wedge support from 1737, but SPX broke back below broken rising wedge resistance and then broke and closed below rising wedge support. Rising wedge support is now therefore broken. (more…)
As shown on the following Weekly chart of the Nikkei E-mini Futures Index, price has now reached a potential Head & Shoulders major resistance level.
Failure to hold above the 15500 level may see price plunge back down to the neckline at 14000. A break of that level with conviction puts the H&S pattern target at 11500.
