March 14th, 2017 Watch-list
Hey traders! Small red day for the market as the DJIA came down 21.50 points. We're still holding above that daily 20sma which is a good sign for those who are bullish on the market. Overall I still feel we are incredibly overextended at this point in the market, but we don't want to swim against the current. We'll look to trade the market long when given opportunities. As soon as we see the market turn south though technically, we'll adjust accordingly. Daily chart for the DJIA below with key support and resistance labeled for review.
Current Open Positions:
LC: This one was looking strong for a portion of the day but we ended up pulling back into the close. For those still in, we have 2/4 indicators curving downward. Consider exiting if we get a 3/4 sell signal. Chart below for review.
UFS: Small red day on this one today, but we are trending slightly upward the past 3 days on the chart and the indicators. Next key break, $38.50. Chart below for review.
Current ETF's/Stocks on Watch:
PLG: Mixed signals on this one into the close. We had the daily buy intact and we did start to see those 15 minute indicators curve upward into the close. If in, have your 1/2 stop set. If still eyeing an entry, watch early tomorrow for another 15 minute buy.
ECPG: 2.24% move downward today. As a result, I've went ahead and made adjustments to the labeled buy range. We'll look to target this one down near the next level of support in the $29.40 level. Chart below with adjusted buy range and profit targets for review.
KRC: Small red day today, but we appear to be settling right in the middle of our labeled buy range. Keep on watch.
New Plays Added to Watch:
OCLR: We played this one in the past recently and we are settling right back down towards a key bounce point and level of support. We've bounced off this level over 4 times in the past. Does that make it a guarantee we'll reverse again? No. But it puts a lot in our favor technically speaking. Simple strategy below for this support reversal trade including entry criteria, profit targets, and stop loss strategy.