March 27th, 2017 Watch-list
Hey traders! Another red day for the market as the DJIA settled down 59.86 points Friday and seems set to test that 50sma support level potentially in the coming days. A solid break below that and we could see the DJIA move down towards the 20k level. Our strategy is going to be to remain patient for now and see what happens tomorrow and early this week. If we settle near that 50sma, that'll be a great time to target some plays for a reversal. If we fall further, we'll adjust accordingly. Hoping we can re-build a solid list of 4-7 stocks/ETFs in the next week or so. Daily chart for the DJIA below with key support and resistance labeled for review.
Current Open Positions:
UFS: We're seeing this one trend lower a bit as we have now broken below the daily 200sma support level. Currently we're hanging right around our initial entry level. Still recommend keeping your 1/2 R/R ratio stop loss in place at this point. Chart below for review.