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The Trading Week Ahead For Day Traders And Swing Traders

Todays Date: November 18, 2018

As expected, the market ran to the top of the daily range last week, briefly pushing above S&P 1128 on Friday. Still it was a pretty quiet week with both the S&P and Nasdaq composite sitting contentedly on their respective 200 day ma’s until Friday’s gap up.

Evidently the market wanted to wait until after option expiration before it tipped its hand on the next move. The good news is that we’re in a great spot for a big move in one direction or the other. A break back under the 200 day ma (S&P 1116) could take us all the way down to the 1040 area, perhaps after a pause around 1089.

On the other hand, a move above Friday’s high (S&P 1131+) could trigger a move up to S&P 1172 or even the high for the year at around 1219. Given the weekly inverse head & shoulders in the S&P, I’d be inclined to look for the upside move.

While the S&P and Nasdaq both put in red bars on Friday, Kohl’s (KSS) managed to close green, even after running below Thursday’s low in the first 30 minutes on Friday. The strong close also put KSS above its prior daily pivot high with room above. Look for a long entry above Friday’s high (above $51). The stop could be placed under $50.35 from the 15 minute chart, or more conservatively under Friday’s low ($49.76). First target would be the 200 day ma ($51.85) and the second target would be the daily highs just over $53.

The housing sector has been struggling, but finding a clean pattern to short has been difficult. KB Home (KBH) has pulled back for several days, which could be a buy setup, but it moved below support Thursday and remained there Friday. This could set up a continuation short, with a stop over Friday’s high ($11.48) and an entry under Thursday’s low ($11.04). First target would be the bottom of the green breakout bar ($10.50) with potential for continuation down to $10 or $9.50. If KBH moves over $10.50 it could be traded to the long side as well.

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