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.

Here’s a chart of Interactive Brokers Group, Inc. (IBKR) for Matt:

As I’ve mentioned several times over the years, I love to catch recent IPOs once they hit new highs after basing for a few/several months. IBKR appears to still be working off the post-IPO hangover. The chart shows a lot of pain for early buyers in May and it’s likely that those folks are still motivated sellers if they can get close to break-even on their purchases. So I’d rather wait for it to clear resistance before I’d look for a spot to get long.

Having said that, the stock’s now sitting at the bottom of an uptrend channel and not far from its 50-day …