June 20th, 2017 Watch-list
Hey gang! Another strong day for the market as we saw the DJIA push to new all time highs again, closing up 144.71 points for the day! As we mentioned yesterday, the overall technical picture for the market and the DJIA is fairly topped out. So we will look to position ourselves in some inverse ETF's and puts plays to take advantage of the pullbacks when they are presented to us. DJIA daily chart below with key support and resistance labeled for review.
Current Plays on Watch:
GGAL: Strong move on this one today as we saw it go right up and extend outside of our buy range before pulling back on that 15 minute chart and giving a 15 minute buy around 2:00 eastern time. The buy signal was received at the upper end of the buy range, so that does limit our profit potential a little bit. For those who secured entries, make sure to have your 1/2 R/R ratio stop loss set in stone. For those who were not able to catch this one in time, keep an eye on it, if we can get a pullback there may be another entry opportunity.