Welcome ladies and gentlemen, Robert Roy here. Welcome to another “Trade With Rob.” Let’s go ahead and jump right in. I’ve got a great candidate for you tonight, keeping in mind that each and every one of the candidates we talk about are for educational purposes only.
Let’s go ahead and take a look at the S&P as we normally do. We’ve got this great move above our 3950 level again, just 3 days ago on Thursday. Friday (almost) gave us an all-time high, by the way, closing high. The previous all-time high was back here at 3983.87, so we didn’t quite get up here on this day, but we got close. We pulled back today to the 3950.43 level, and we can see that even the wick stretched down and bounced off of the 8 EMA.
So, this puts us in an overall bullish bias right now. 3983.87 is going to be a ceiling; the way I like to express it is, “we’re bumping our head on ugly.” We’re pressing up there, and we need to break through, and there’s a lot of focus on that level. If it breaks [through], it could break with a vengeance.
So when we shift gears then and ask, “what are we looking for?” our candidate today is American Express (NYSE: AXP). So with that, let’s take a look at AXP.
This is the Wealth Builders HQ candidate-of-the-day with Trade With Rob. Here’s what we’re looking at…
Overall, we had a nice move, the overall bias is bullish – look at my moving averages, we’re above the pink [line] so the overall bias is bullish. We’ve got a great V-Bottom in here for our Fibonacci, a sideways move with a hiccup in there, a good strong move down, we pulled back to the 0.236 Fib so life is good there.
We dealt with the same problems with AXP that everyone else did for the last 5 or 6 weeks. This might have been a little bit shorter, but overall, still there. And then, we got a nice doji on Thursday. Friday, we closed right at that 142.17, and today we popped up a little bit.
So here’s what we’re looking at…
If you get a bullish entry – your call how you take it – for me you need a stretch back with a wick to the 142.17 (it doesn’t have to make it all the way down), but I’d like to see it settle on a 5-minute chart and take a bounce. For me, my entry would be right there then, right around that 142.25 level, so right around 142.75 is where I would look for an entry. My stop would be right around 140.07/140.00, and then my target would be 149.25 for the exit.
There you have it, another Trade With Rob. I hope you have a great rest of your day, and I will see all of you at our next update.