Ratchet Up Stops on Current SPX Longs

First, I want to do a recap of last week's setup of Ulta Beauty (ULTA) . It did NOT trigger an entry and it did NOT start to rally from my first timing decision. At this point, the setup does not look like it is going to play out, but I will tell you that the last ditch support comes in at $200.23-201.09. If you do end up seeing this hold and it is followed with a 30-minute buy trigger with the 8/34 exponential moving average (EMA) crossover to the upside, then it is worth considering for at least a short term trade.

If ULTA just continues below that same support I would just throw this one away and we'll look for better setups instead. Note that a similar setup I did on my "Trade of the Week" was Walt Disney (DIS)  (available on my twitter feed). That one started to play out, but this one had some bad fundamental news and it's not playing out as expected. Here are those two charts below:...332 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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