May 1st, 2017 Watch-list
Hey Traders! Small red day for the market Friday as the DJIA closed down 40.82 points. For the last 4 days we've really seen the market stall out after the two gaps topside. So much is riding on whether or not congress can actually push through tax and healthcare reform. The markets rallied after Trump was elected largely off of the hope of what would get done, not what had actually gotten done. Now that 100 days have passed and no healthcare or tax reform bill has been passed, expect the markets to start to lose patience if something isn't done soon. Daily chart below with key support and resistance labeled.
Current Stocks/ETF's on Watch:
NUGT: We saw this one make a nice move Friday as we closed out the week. At this point we have the daily buy signal intact along with a 15 minute buy signal given towards the latter portion of Fridays trading session. If in, make sure to have your 1/2 R/R ratio stop loss in place. If you have not yet taken an entry, keep this one on watch Monday. we could get another push higher followed by a 15 minute pullback where you could then potentially enter. Also remember, this is a very high risk/high reward trade. Make sure to honor your stop loss if it is hit! Full chart breakdown below with support/resistance labeled, buy criteria, profit targets, and stop loss strategy.