March 31st, 2016 Watch-list
Evening traders! Today we saw the overall market continue to move higher following the two day pullback from a few days back. The market continues to defy the daily indicators. Weekly wise, we're working our way up to that key 18000 DJIA resistance level and are seeing those weekly indicators losing a little bit of steam. At this point I will not feel confident in a sustained pullback until we have 3/4 weekly indicators showing a sell signal. Key level to watch is 18000 going forward. Weekly DJIA and SPX charts below for review.
Current Below $20 Plays:
EGHT: Solid 3.7% gain today on this play! Was able to break and close above the 200ma and the key $10 resistance level. Next key break is to break and close above the descending 20ma. At this point, have your stop loss moved up to your break even price to reduce risk. Don't be afraid to lock in profit on the way up with this one.
SDOW/SPXS: We've seen both of these plays head down as the overall market has rallied higher. Some of you may have already stopped out of these plays depending on your entry, but for those still in, we'll need to see these one turn soon. If they don't, honor your stop.