Chris | TopShelfCharts

📈 PE Teacher | Student of the Market
🏒 CAN SLIM • Charts • Breakouts
📚 Sharing setups & lessons learned
🎯 Study. Execute. Improve.

[Chris | TopShelfCharts @TopShelfCharts]

@LeifSoreide The chart side looks the same.

$SMH closed lower 9 days in a row and finished the week down 10.5%.

What would change your mind first: spreads tightening, or price turning?

[Chris | TopShelfCharts @TopShelfCharts]

@MDCTrades305 Same one jumped out at me.

Record close at 343.46 on a day $QQQ fell 2.5%. Volume about 1.5x its 50-day average.

The line I'm watching is 348.15, the Oct 13 high. Earnings are Nov 2 after the close.

[Chris | TopShelfCharts @TopShelfCharts]

Top Shelf Setups

The Nasdaq fell 4.5% last week. These two closed higher.

$AAPL: close over 348.15
Record close Friday at 343.46 while $QQQ fell 2.5%. Volume 1.5x average.

$AVTR: close over 16.45
52-week closing high, 16.42, on 3.9x average volume.

Receipts next Sunday.

[Chris | TopShelfCharts @TopShelfCharts]

@MikeZaccardi All this in a week the Nasdaq lost 4.5%.

Money didn't leave the market. It went out to dinner.

[Chris | TopShelfCharts @TopShelfCharts]

Result: $TMO didn't hold 694.

Traded up to 699.20 early. Closed 690.00.

That's a fail.

It only gave up 0.9% while $QQQ fell 2.5% on 2x its average volume.

A breakout needs the market behind it. Today it got the opposite.

[Chris | TopShelfCharts @TopShelfCharts]

Oct 6: $TMO tagged 694.33, then closed at 656.58.

Yesterday it came back.

Through 694. Record close at 696.49 on 2x its average volume.

Same level. Different answer.

Today's test: hold 694 into the close. I'll post the result after the closing bell, win or lose.

[Chris | TopShelfCharts @TopShelfCharts]

@openswingtradin Deal.

Bounces fade on their own. Trends have to earn it.

I'll check the count again Monday.

[Chris | TopShelfCharts @TopShelfCharts]

@openswingtradin Fair line to draw.

A bounce lifts everything. A trend needs follow-through.

I'll watch whether that 20-day count climbs into next week.

[Chris | TopShelfCharts @TopShelfCharts]

@TheMarketRaven Took me too long to learn this.

Some days the best trade is closing the app and going to work. The good setups will still be there Monday.

[Chris | TopShelfCharts @TopShelfCharts]

@RedDogT3 Reversal days get everyone excited.

I treat the day after as the real vote. So far today, semis still can't get going.

[Chris | TopShelfCharts @TopShelfCharts]

@anandragn Option 2 is the hard one.

Cash is easy to hold when I've written down what a high-probability setup looks like before the open. Without that list, everything looks like an opportunity.

[Chris | TopShelfCharts @TopShelfCharts]

Yesterday the Nasdaq was down 1.4% at the low and closed green.

Old me buys that close.

Today it's down over 1% by lunch.

One green day is a question, not an answer.

I add risk back after a strong up day on bigger volume. Not before.

$SPY $QQQ $IWM

[Chris | TopShelfCharts @TopShelfCharts]

@MarketForgeIQ Holding above Thursday's high premarket is a good start. Same rule as yesterday though: I'll grade it at the bell.

[Chris | TopShelfCharts @TopShelfCharts]

@TheValueist $VLO has been pricing that in. 444.06 close, about 17% over its 50-day, and earnings land Oct 22. How much of the margin tailwind is already in the price?

[Chris | TopShelfCharts @TopShelfCharts]

@MikeZaccardi The US is the odd one out. The S&P closed 7,744, back above its 50-day near 7,707. Chips are our version of that list: $SMH down 8 sessions in a row. Leader, or just last to roll?

[Chris | TopShelfCharts @TopShelfCharts]

@RevereAsset @TedHZhang Agree. One reversal is a question, not an answer. My tell is the leaders. $TMO and $MA both closed at records yesterday on 1.5x+ volume. If they give it back, the reversal didn't mean much.

[Chris | TopShelfCharts @TopShelfCharts]

@PrimeTrading_ Location over color. $RBRK closed 118.62, still about 7% under its 127.90 high, with the 50-day rising near 104.

Which of the three gives you the tightest risk from here?

[Chris | TopShelfCharts @TopShelfCharts]

Oct 6: $TMO tagged 694.33, then closed at 656.58.

Yesterday it came back.

Through 694. Record close at 696.49 on 2x its average volume.

Same level. Different answer.

Today's test: hold 694 into the close. I'll post the result after the closing bell, win or lose.

[Chris | TopShelfCharts @TopShelfCharts]

@DKellerCMT The breadth part stood out to me.

Russell +1.4% while the Nasdaq barely finished green. I'd want a second day like that before calling it over.

[Chris | TopShelfCharts @TopShelfCharts]

@PeterLBrandt Took me too long to learn this one.

A small loss is a cost. A loser you keep holding turns into a hope trade.