January 3rd, 2017 Watch-list

     Hey traders! Happy to be back into the swing of things as we head into the new year! We saw the market close 2016 with a red day of 57.18 points for the DJIA. We're starting to see the pullback we had been waiting for in the market. Those daily indicators have let off some steam and are heading down below their half way points. For the DJIA, the next key support test is going to be the 20sma. If we can break below that, we may see this one trend down towards the low 19,000 level. Daily chart for the DJIA and SPY below for review. 

Current Plays on Watch: 

SDOW: We've been seeing a nice uptrend in this one the past 3 days as the DJIA has fallen. Another solid red day in the market and we may see this one hit our initial target. Next key break is going to be a break and close above the 20sma. Currently, this one is up about 2.61% from the rough entry price after receiving buy signal. 

SPXS: This one was right up near our profit target but ended up closing a little short of it. Overall it's up about 2.36% from rough entry price. Next key break is going to be the $10.917 high from Friday. 

AMRS: We're still seeing this one slowly trend higher. We came within 2 cents of our initial target Friday, but still failed to close above the 20sma. I feel that if we can close above that 20sma, we could see this one make the move we need to see. Currently this one is up about 2.71% from roughly entry price. Chart below for review. 

QTM: As we discussed in the last watch-list, this one looked prime for a move in this area. Personally I wanted to be a little extra picky and wait for it to settle further, but for those who did play in this level and used the suggested profit target, you saw a decent overall move. For the rest of us, our plan is still to wait patiently for this one to come back down to us in our current buy range. Keep on watch moving forward! 

UAA: Still watching this one as it settles. Hoping we can see a strong move one this one as both a swing trade and a long term position trade. Chart below for review with full game plan!