Most of today’s trading action was in the first hour, but a broad rally breakout held up all day. That’s the kind of breakout you want to see. If you’re following the 60-minute chart, you’ll see the Nasdaq didn’t give a sell signal until late in the day.

We’ve still got plenty of overhead supply to get through above. We’ll see how the index handles the 50 day moving average here. Two consecutive closes above will help the bulls.

It’s still one day at a time as usual, but the bullish case is looking better. The candlestick on the monthly chart is now back above crucial long-term support.

Here’s a 5-minute chart of the buy signal on the first pullback of the Visa - V IPO yesterday. You’ll also see an entry for today that was taken on a trigger over the 4th candlestick high of 58.31. I used the low of the day as a stop. I could have used the prior pivot low, or even the all-time low of yesterday. It’s all based on your risk tolerance. Risk… defined as R = 1. Low of the day is 57.50. With some slippage, R = .85. From there it’s a matter of selling in partials 1/3 at a time.

The Nasdaq found that buy signal on the 60-minute chart I was looking for. What a surprise… the Nasdaq rallied 48 points and the Dow surged 261.

I really like these double-long and double-short ETFs of the ProShares family. When the market moves… they move. It’s frustrating when you buy a stock, and it just sits there as the market rocks. No worries about volatility with these ETFs.

I also really like this classic chart trading pattern.  I only have a few patterns I follow.  Learn when to trade them, and make money online stock trading over and over and over.  Sometimes simple is best.

Enjoy the long weekend.