April 6th, 2017 Watch-list

     Hey traders! Small red day for the market as the DJIA settled down 41.09 points after being up over 100 points early in the day following some strong jobs numbers. The market digested those numbers quickly however and returned to a slightly bearish outlook for the latter portion of the day. The DJIA is still sitting pinched between the 50sma support and 20sma resistance. We want to see a break of one of those moving averages before we overly commit one way or the other. Daily chart for the DJIA below with key support and resistance labeled for review. 

Current Open Positions: 

No current open positions.


Current Stocks/ETF's On Watch: 

KLDX: Nice strong move on this one in the latter portion of the day which caused it to close in the green. Big hammer candle on the daily chart present. Hopefully that, along with the indicators setting up nicely, is a sign a reversal topside is right around the corner. Keep on watch, if we get a green day tomorrow we could receive the buy signal we need. Chart below for review! 

We've remained fairly light the past week and a half due to the fact the market has shown us some uncertainty. What i'm really looking to see is a strong move for the DJIA either above the 20sma, or below the 50sma. That will give us some further insight into whether or not investors are becoming more bearish after the big "Trump" rally, or if they still remain bullish. Another nice pullback would be ideal and would allow us to throw another 4-6 new plays on watch as the market settles. As usual, if you have any questions, let me know!