Hawk’s Scan Sentry Report January 30
Welcome to Hawk’s Scan Sentry Report. This is Sunday night with equities analysis from Jan Arps’ Scan Sentry Toolkit for the week beginning January 30.
This week’s technical analysis will be short and sweet. After testing 1330, as predicted two Scan Sentry reports ago, the S&P daily futures contract has retreated a bit. As of this weekend the Radar2 Price Leader has officially moved south of the center-line into deceleration mode, and unless the market can generate some more buying pressure soon, the Radar1 Fear Greed indicator is exhibiting a Bearish Pivot divergence implying it may be time to exit long positions in anticipation of a ‘short–term’ market correction. If it does go south, we’re looking for resistance around 1280; and then 1260 will be the line in the sand. I’m looking to buy pullbacks in these areas. I wouldn’t be surprised to see the NQ contract come back and test the 2400 range in the near future.
We’ll see… I am, as always, looking at trading opportunitieas in both directions so that I can be prepared to trade with the tides of the market index trends. Here is a sampling of a few that are on my watchlist this week and some of the reasons why.
(This is a stock which broke out to new highs with pleanty of buying pressure 12 bars ago and is retesting the breakout point. I like the Pullback 23 signal at this key juncture, as well as the upward pointing Radar2 Price Leader).
May the trend be with you,
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