Looking at Two Charts

If you are trading intraday swings and scalps, I'd say you're pretty much done for the day. It is hard to imagine much in front of the Fed meeting unless you are standing in the right place at the right time. I am very conservative into the afternoon. I don't plan to trade the initial few minutes after the reaction, but I will look for action if a move is strong enough to offer a low-risk fade play into the close.

Facebook (FB) Source: StockCharts.com View Chart » View in New Window »

Facebook (FB) has finally given way to the weight of the bearishness on its chart. It is finally reached the $26 target, but there is a much bigger risk at play here for FB bulls in the form of the head-and-shoulders pattern. I could also argue a small bearish cup-and-handle pattern here as well. I argued previously that there was no bullish cup-and-handle since that pattern is a continuation pattern. The weekly chart had no bullish pattern; however, the current bearish cup-and-handle would be a continuation move off the drop from $32. The target for this puts the stock into the $24 area, which no one likes to hear. Until something changes, stay away from trading Facebook....157 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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