January 31st, 2017 Watch-list
Hey traders! Big red day early for the market before we saw somewhat of a rally in the latter portion of the day. Ultimately we saw the DJIA close in the red by 122.65 points. At this point we have 4/4 daily indicators curving down and 3/4 weekly indicators for the DJIA curving down as well. Like I said, a pullback in early February would not surprise me. Personally I've felt a pullback has been needed for some time. A healthy pullback will really open up more opportunities for us to target reversal trades. Daily chart for the DJIA below with key support and resistance labeled.
Current Plays on Watch:
CVM: We saw this one go up right near our initial target before pulling back. Like I said in the beginning, we don't want to be in this one too much longer. If we can't see a move above $0.13 tomorrow, we may look to exit going forward. Chart below for review.