June 19th, 2017 Watch-list
Evening traders! Overall a strong week for the market last week as we saw the DJIA go up and set new all time highs. At this point the daily indicators for the DJIA are fairly topped out, as are 2 of 4 weekly indicators. The market is definitely topped out, but it has been this way for some time and continued to see topside moves. We'll continue to target the SPY puts here and there to take advantage of any pullback the market may give us. DJIA daily chart below with key support and resistance labeled for review.
Current Plays on Watch:
No current plays on watch. Our last chart, AMKR, fell down out of our buy range and as a result has been removed from watch.
New Plays Added to Watch:
GGAL: Very simple and straightforward support reversal trade here. This is a chart that has a nice long term uptrend dating back to 2012 with occasional minor pullbacks here and there. As it stands now we are settling right down in a level of support and previous reversal point. The daily indicators are bottomed out and presently 4/4 indicators are curving topside. The daily buy is already intact. Next, we need to see a 15 minute buy signal and then we can secure an entry. Below you will find the full buy criteria along with profit targets and stop loss strategy.