RED FLAGS Raised by Bearish Engulfing Patterns | David Keller, CMT | The Final Bar (07.05.23)

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Host David Keller, CMT talks through potential red flags on two key growth stocks as the market uptrend pushes into the second half of the year. He answers viewer questions on tracking "smart money" behavior, navigating double top patterns and scanning for stocks testing support levels.

00:00 Intro
02:02 Market Recap
17:39 Contact Us
18:23 Q1: Does the daily RRG suggest heavy weather in the near future?
22:03 Q2: Is $NYFANG more likely to make a double top or break out to substantial new highs?
27:18 Q3: Can you think of a scan that could find setups similar to the SBUX setup?
29:45 Q4: How can I learn more about “smart money” behavior?
32:33 Q5: Could the S&P 500 be in a huge ABC correction?
35:18 3-in-3

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Your videos have been getting better and better!!!

JonathanSebastian

Great show Dave, SMCI makes servers, blades, rack systems and hardware for NVDA chip sets. They have a agreement and you can only use SMCI if you want the Ai chips so now you know why the stock is going bunkers.

tonylotito

I really appreciate you explaining the underlying investor psychology that technical analysis surfaces with its visual patterns. Thanks much for all that you do Dave!

Aleamanic

This is great. Been subscribed for ages but just watched this for the first time. Thanks for the hard work

Hawkinz

Thanks David, agree based on the signals you highlight we might well be looking at a correction. When I look at the weekly chart of the SPY I see no divergence (yet) so we'll see how this pans out in a seasonally strong period, some charts are looking very overbought. I completely agree its important to stay open to other views of where we are, I try to be agnostic, sometimes that works, for a few minutes, until my biases get the best of me again. Opposing theses are great but I do have an issue when predictions (bullish or bearish) are perpetually repeated without any invalidation points regardless of what the market is doing, as far as I know that is a technical analysis no-no. Also the views on fundamentals run the gamut from absurd to acceptable, but in the end for trend followers at least, only price matters. If we are at the end of the current bullish trend then it will become apparent from price action, no predictions required just rules, not easy but it ideally means we dont have to spend weeks, months or even years on the wrong side of the trade. For now the structure is still bullish I think?

pezzodipunto

Very interesting show! You discussed a number of signals of potential weakness.

RussAbbott

I miss an old music background. Though the report is very upbeat and informative. Thank you.

eminalopatyuk

We are clearly extended. Does this market pull back a bit and go sideways for an extended time? I think that scenario should be getting more consideration.

mikem