August 28th, 2017 Watch-list
Evening traders! Hope everyone had an enjoyable weekend! Last week we saw the market close slightly in the green with the DJIA closing up by 30.27 points Friday. We found support a few days back off the 50sma as we discussed, but then we ended up running into the 20sma resistance and stalling out. The next key will be to see if we can break above that 20sma, or if we break below the 50sma. A break above the 20sma could mean we're headed back towards new all time highs. A break below the 50sma and we could see the DJIA make a move down towards the 21,600.34 low set on the 21st. Break below that, and we could see it down in the low 21,000 level. Still remaining market neutral for the most part for now. With that said though, the daily chart for the DJIA is below with key support and resistance labeled for review.
Current Plays on Watch:
PLCE: Just as we discussed in the intra-day market update late last week, this one was able to go up and again hit and break our initial profit target. For those who exited, solid overall trade! For those who kicked in the 2% trailing stop on quote order after $103.50 was broken, you should have also been stopped out for profit on this one as well. Great trade here gang! It could continue to move higher, but our goal was to get in and get out. This will most likely be one we play again down the road so keep on watch.
ATSG: Just to recap the most recent intra-day market update that was sent out, I said the following:
"Another red day here. For those who grabbed entries a few days back, your 1/2 R/R ratio stop loss most likely has been executed. Cost of doing business. For those who were still waiting for a clear intra-day 15 minute buy signal, lets continue to be patient and see if we can get this one to re-settle at the lower end of our buy range and give us another clear daily buy along with a 15 minute buy signal."
We still have this one on watch and are still targeting it for a swing trade. The chart again appears to be potentially settling at the bottom end of our labeled buy range with a hammer candle Thursday followed by a doji candle Friday. Adjustments to the profit targets have been made below due to the fact we have drifted lower on the chart.