Trader Mike

Here are ten charts that stood out to me while going through my swing trade scans. Almost all are short candidates. There are tons of charts like this right now, most of which are short-term overbought and near resistance. Many of these made some kind of bearish candle yesterday (bearish engulfing or some kind of star) or made an NR7. My normal swing trading rules would apply and I wouldn’t want to chase any of these very far.

The bulls can’t be happy with Friday’s trading as the market sold off on slightly higher volume and started to eat into the post-Fed rally. In fact, the Nasdaq is basically exactly where it was the minute the Fed statement was released. The Nasdaq 100 has given back all of its post-Fed gains and then some. The S&P and Dow are faring a little better but the people who bought into the Fed rally hype must be sweating right about now.

Here are charts of the indices as well as some of the better looking individual stock charts (all shorts) I found:

The Nasdaq has slipped back into the June trading range: