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.
CRR: Student request play that we've been tracking for the past few days. Saw a solid move yesterday and did close up today (despite closing down from the open). Overall was up near the $16 level for a portion of the day. For those in, next key break is the $16 whole number. Lock in profit on the way up. $15.95 could be a solid target to utilize for those who haven't exited already.
New Play:
MNGA: We've played this one twice in the past for profit. At this point we're seeing it start to settle down further below our previous entry levels. Going to add it to watch as it settles for us near that key $1 level. Not going to be an immediate entry (still needs a few days), but is getting right near key support. Beginnings of a chart breakdown below. Will do a full breakdown in tomorrows video watch-list. Wanted you all to begin reviewing this chart however! If we continue to fall and break the $1 level, we'll still watch in the 90 cent level. Could be a nice set-up in a few days on this one!
