May 10th, 2017 Watch-list
Hey Traders! Looking at the daily chart for the DJIA below, you'll see that not a lot changed today. The market, in all honestly, has been pretty crappy since Late February/early March. If Congress continues to drag its feet and not put through tax and healthcare reform as promised, then I expect the market to start to trend downward. Still remaining neutral for now. If we do go up and retest that all time high on the DJIA however, we may look to target some inverse market ETF's and some options spread trades for a potential pullback on a failed breakout of that high. Daily chart below with key support and resistance labeled for review.
Current Stocks/ETF's on Watch:
NUGT: Open Position. We closed up for the day but down from yesterdays close on this trade. It is a good sign that we were able to at-least rally after the early fall. Still waiting on this one to actually gain some topside momentum here. We have not been able to post 2 consecutive solid green days in a row since the price settled. Chart below for review.
UFS: Solid move on this one today. Daily buy intact and we did receive a 15 minute buy at 1:15pm. Just a helpful tip...sometimes on stockcharts it can be tough to tell if the indicators are curving up or not. If you go under Chart Attributes/size, you can expand the chart and get a clearer picture of if the indicators are curving topside or not. For all who secured an entry today, have your stop loss set. For those still waiting for an entry, Keep an eye on this one. We may see another higher low form on the 15 minute chart providing you with an entry opportunity. Do not chase above buy range however. Chart below with technical breakdown and buy criteria, stop loss strategy, and profit targets labeled.