April 7th, 2016 Watch-list

     Evening traders! Decent overall rally today for the market following the 2 day pullback. Technically speaking things are still looking bearish however on both the daily and weekly charts for the DJIA and SPX. We're pushing right up against the key 18000 level for the DJIA. We expected to see some form of stall/pullback in that level and are seeing it. Weekly chart for the DJIA is still red and showing more volume. As mentioned before, I'll feel confident in a pullback once we get both the daily and weekly charts to agree, which they nearly are at this point.

Current Below $20 Plays:

MNGA: We've seen this one take a step back the past two days following the buy signal on the 4th. As we discussed in the initial video breakdown, this chart has two potential areas we'll be watching for a reversal. For those in, have your stop loss set just in case this one continues to fall. If it does, we'll watch it to settle further into our second target area. Next key topside break is $1.07.



SDOW/SPXS: Both of these market ETF's saw good initial moves before coming down further. For those who did not have their stop losses hit, we did see a red day today but are up over the past 3 days. Keep an eye on the 20ma for both charts as the next major key break and if we fall further, absolutely honor your stop loss!


Short watch-list for tonight. We've been able to exit out of a few plays this week, hoping to be able to add 1 or 2 new plays to watch before the week ends. If we can get a sustained market pullback, we'll look to start building our list up significantly moving forward as well.