Individual Stock Trades Are Coming Into Play
But we're keeping a pulse on the broader market.
Technical Edge —
NYSE Breadth: 39.5% Upside Volume
NASDAQ Breadth: 44% Upside Volume
Before Monday’s open, we shared a video about the “mixed bag” market right now.
After Monday’s slow bleed lower, it highlights why we had to take this approach. Like I said in the video, I’m a bull at heart and will be awaiting the return to an uptrend. However, I’m not seeing it quite yet.
Until then, we need to look for where the bull markets are.
S&P 500 — ES
Feel free to extrapolate this chart to the SPY.
When the ES lost last week’s low, it had our attention on 4400. With a low of ~4403 on Monday, the ES found support near a key zone.
From here, we need to see if it can reclaim the 50-day near 4420. If it can, then last week’s low at 4444.50 is in play. Near that level, we also have the 4447 to 4457 area in play, which is the 50% and 61.8% retracement of Monday’s range.
The bulls do not regain significant control without reclaiming its 200-day moving average (which would put it above the rest of its daily moving averages). Until that happens, it remains a two-way market.
On the downside, watch the Globex low at 4382. Below that puts 4366 in play, then 4304.
Individual Stocks — Always a Bull Market Somewhere With Six Stocks in Focus
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Go-To Watchlist
*Feel free to build your own trades off these relative strength leaders*
Numbered are the ones I’m watching most closely. Please look at these closely, as there are several updates (the most recent of which are noted in bold).
PANW — Entry triggered off 21-day test. The trade was +$20 yesterday…[premium only]
MKC — $103 to $104 Trim Spot hit → Stop now at break-even or ~$99. Look for another small trim at …[premium only]
DLTR — Boom, $165 target achieved. All out for now. Well done!!
TGT — Monthly-up trigger from Friday hit, as well as our first price target of $236 — Now let’s see if …[premium only]
HD — Nice pop so far, but a bumpy start to the week on tap. Conservative bulls can use a B/E stop now. I am still looking for …[premium only]
Look at how strong these stocks have been!! In a market rife with volatility, head-fakes and downtrends, these names are trending higher. That’s why I always say “feel free to build your own trades off these relative strength leaders!” They are dominant.
…[premium only]
Economic Calendar
