July 6th, 2016 Watch-list
Evening traders! As we expected, the market started to work its way down today with the DJIA closing down 108.75 points. Does this mean the market will for sure continue to fall throughout the week? No. But technically speaking, I feel we are in a good spot for a decent reversal downward. DJIA chart below with key support and resistance labeled. Below that you will find a review of all current plays on watch.
Current Below $20 Plays:
DGAZ: Really an unfortunate situation here with this one. Ended up gapping up right out of our buy range and pushing higher. Let's not let this mess with our game plan however. It's never wise to chase at times like this. We'll see what the chart does in the coming days. Once we resettle, we'll look for an entry.
TVIX: We saw this one make a nice move early which caused a daily buy signal to be given. It also gave a good pullback and started to trend higher on the smaller 15 minute time frame. Personally I ended up grabbing a small entry at $2.16. Everything looked great on this one, however the close was not what I had hoped for. We ended up breaking below the open of the day and finished the day near the low of the day. With that said, we are still right in a key support level and the technical indicators look good. Hopefully we can see it regain its footing early tomorrow and move higher. Stop set at $1.99. Tight stop.