July 8th, 2016 Watch-list
Hey traders! Following the green day yesterday, we saw the market start to work its way down again today with the DJIA closing down a small 22.74 points. Looking at the chart below you can see we're somewhat pinched between the 18,000 resistance level and the 20sma/50sma support level. Daily indicators still look bearish at this point, so we'll continue to work for trades with that in mind. Daily chart below with key support and resistance labeled.
Current Below $20 Plays:
GDX/DUST: We finally started to see some positive movement today on this one. GDX is presently giving the 3/4 daily sell signal, and DUST saw a nice move and gave a 15 minute pullback/higher low. DUST chart below with some ideas on profit target/stop loss.
TVIX: After getting stopped out of this one yesterday, we've added it back to watch as a basic reversal play where we will look for the daily and 15 minute buy signal. Saw a strong move early today before coming back and not forming the 15 minute higher low. We'll keep on watch into tomorrow.
Current Above $20 Plays:
SDOW/SPXU: We saw both of these settle today following the red day yesterday. Strong move early before settling down towards the end of day. If not in and waiting for a 15 minute buy as well, keep a close eye tomorrow. A red day in the market should send a solid clear buy signal on these two. Charts below.
New Stock Added to Watch:
FRO: Nice chart pattern forming here. Decent sideways channel has been occurring the past 6 months with a key bounce level in the $7.00-$7.40 level. Multiple bottoms there. Indicators are getting near a potential reversal as well on this one. May need a day or two. Chart attached below with details!