August 22nd, 2017 Watch-list

Hey traders! We had talked yesterday about the possibility of the market finding some support right near the 50sma on the daily chart for the DJIA, and that is exactly what happened today. Overall the DJIA closed in the green by 29.24 points. The next key will be to see if there is some conviction for another topside move, or if this is just a 1 day stall before a continued move downward. DJIA daily chart is below with key support and resistance labeled for review. 

Current Plays on Watch: 

TRQ: We're seeing this one start to pierce below that ascending support line. If we do not get a clear buy signal in the next day or so and we continue to move below that ascending support line, we'll go ahead and move on from this one. Chart below for review. 

PLCE: Open position. Daily buy and 15 minute buy are again intact on this trade. Next key break is going to be $102. For those in, have your 1/2 R/R ratio stop loss locked in! Adjustments to the profit targets have been made due to our entry area for most students. Chart below for review. 

New Play Added to Watch: 

ATSG: New support reversal trade to add to watch. Looking at the longer term 5 year picture on this one we see a chart that has been in a strong uptrend for the most part. Shorter term (6 month daily chart) we saw this one gap up on the 4th of May. We are now seeing the price settle right down near that gap point, which has served as a key support level/bounce point twice in the past few months. We'll be looking to see this one repeat history again. Remember, the support reversal trades are meant to be incredibly simple and straight forward. This one is no different. We'll be looking for a reversal off of this level. If we break below this range, there is the risk we fall further and end up closing the gap. We also did have a doji candle today as well, so that is another thing in our favor for a potential topside reversal. Full chart breakdown is below with support and resistance labeled, along with our buy criteria, buy range, profit targets, and stop loss strategy.