August 23rd, 2017 Watch-list
Hey traders! Strong day for the market as we saw the DJIA rally after finding support along that 50sma on the daily chart yesterday. Overall we closed in the green by nearly 200 points for the DJIA. Even despite today's strong rally, we're still going to remain market neutral for the foreseeable future. We've been finding success doing that so we'll continue to do so. DJIA daily chart is below with key support and resistance labeled for review.
Current Plays on Watch:
TRQ: This one continued its downward move today against the ascending support line. As we discussed yesterday, we're going to remove this one from watch for now because it has pierced below that ascending trend line.
PLCE: Solid move early on this one as we were able to go up and touch our initial profit target. I know some of you were able to lock in profit in the $103.40 to $103.50 level. Great job! For those who are still in, we did see this one end up settling down for the day in the red, but shorter term we are still trending topside. We also still have 2 of the 4 indicators pointing upward with only 1 indicator pointing downward. The hope here is that the pullback today was just a one day thing, and tomorrow we can pick back up and continue our move topside. Even though that's what we hope for, we cannot rely on hope. So for those who are still in, have your stop loss set, and honor it no matter what!