Technical Picture - Narrow Range Chop
After a weak start the markets got a boost from better than anticipated new home sales, however, failed to follow through with much of the session spent in narrow range chop. That leaves us with NR7 (price/volume contraction ) on the daily. Tomorrow's pre-market economic data should set the tone with initial claims, prelim. Q2 GDP and core PCE at 8:30.
As noted earlier in the week, V is carving out a Cup & Handle pattern at $70.00. Yesterday it formed an intraday base at $69.00. Today I decided to place a buy stop order on a break of PDH for a target trade to the C&H base. Price consolidated midway to the target, but held support of R1 (not depicted), eventually reaching the target.
MYGN was my gapper trade. It formed a C&H which broke late in the session, but the extension was really lame. Bullish island reversal on the daily could develop some follow-up trades.
