S&P 500 Breakout | Trading Game Plan | May 15, 2015

Stock Trading Game Plan

U.S. stock futures are inching higher ahead of the open, which could mean more stock market records by the end of the day.

The S&P 500 index finished Thursday at an all-time closing high after rising by 1.1%. The Dow Jones industrial average also gained 192 points on Thursday, while the Nasdaq jumped by 1.4%.

Meanwhile, the U.S. dollar is staging a modest comeback against a range of major global currencies, after tumbling this month following a significant rally.

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S&P 500 Breakout of 212 (again)

s&p500 breakout

Is the back-and-forth finally over?

We are pointing towards a higher open through the S&P 500 breakout level of 212. The question is whether or not we stay there.

Trading breakouts can be tricky. There are 3 entries to consider. Each is based on you conviction in the underlying trend.

  1. Enter as soon as price crosses above the breakout price.
  2. Enter on a close above the breakout level.
  3. Wait for a pause above the breakout level.

The current S&P 500 breakout is the first scenario. I would not be aggressive through the level. The preceding price action shows too much indecision. Your trading plan should have these decisions made for you already. If you need some help developing your plan let us know.

Stocks to Trade | Friday May 15, 2015

Pete’s Notes:

  • SPY breaks through the 212 level on average volume at best.
  • The bears are going crazy with the continued melt-up. Don’t fight it. You may be correct long-term but we are trading.
  • Consumer goods and financial services have the best relative strength to trade.

Interesting Chart Lessons:

  • HOG Harley Davidson at 52 week lows with the stock market averages at new highs.
  • Retail stocks getting clobbered this week too.

s&p 500 breakout

Earnings in play today > 1M avg shares: AKRX, CIG, KITE, WLT

Bullish Ideas ATR/Volume/Price: AET, GILD, GS, IBM, MA, V, SCTY, NFLX, TASR, UNH, UTX, YUM

Bearish Ideas ATR/Volume/Price: NBL, KSS, CLR, APA, HES, APC, BIDU

Weak Stock Weak Close: ANF, BBY, CLR, MU, NBL, WYNN, NOV, SNDK

Strong Stock Weak Close: CTRP

Weak Stock Strong Close:

Strong Stock Strong Close: ABT, ADBE, AVGO, CCL, CTSH, PM, VLO, XLNX, YOKU

20 day Breakdown: HOG, M, KSS, NBL, TGT

20 Day Breakout: ABT, ATML, HON, KRE, MTG, OPK, XLNX, YOKU

2x Normal Volume: KSS, CTRP, HOG, YOKU, DHR, M, DD, ESRX, CSCO, TGT, OPK, MXIM

Core Watch List Longs: PM, PRU, BK, SBUX, ABT, AET, HON, COF, JPM, ADBE, AKAM, ALTR, EBAY, JNPR, INTU

Core Watch List Short: TJX, COST, TRV, TGT, ALL, BBY, KSS, AMAT, DD, JCP, NTAP, TOL

Inside days:


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Leave a Reply 2 comments

bob curran Reply

pete, baby steps learning the plan , with this Pete,s Note,s -if this plan worked for you ,hopefully it works for me , bob

    Pete Renzulli Reply

    Hey Bob
    Have a great weekend!

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