February 12th, 2016 Watch-list
Hey Traders! Another ugly day for the market with the DJIA falling over 300 for much of the day and closing down 254.56 points and the SPX closing down 22.78. The weekly charts for both the DJIA and SPX are still fairly bottomed out from the previous fall, and the daily charts are starting to see 3/4 indicators get near their oversold levels. As we've repeated dozens of times, keep a close eye on the 15340 level for the DJIA chart. A solid break below would be very bearish. Looking at the daily chart since the big fall, we've failed to set a higher high, now it's about whether we set a lower low, or merely hold a horizontal support level. Setting a lower low (breaking the 15340 level) should signal the market to trend into the 14,000 level. Both the daily and weekly charts for the DJIA and SPX are below!
Current Below $20 Plays:
AMCC: We saw this one take a dip into our buy range yesterday and make a small topside move today. Presently we have 2/4 indicators curving up. Keep on watch as we move forward for a potential 15 min chart pullback.
ATNM: Not much new on this one. Continuing to move down into our buy range like we want. RSI finally getting down near 30. Now that we're in our buy range, time to pay closer attention to the indicators for a clear 3/4 buy signal.
RENN: We're seeing this one appear to settle right in the mid level of our buy range. 2/4 indicators curving up and the other two starting to flatten out. Remember, if we happen to see a push topside and get a daily buy, wait for the pullback on the 15 min chart and for a higher high to form on that 15 min to get an entry.