November 21st, 2016 Watch-list
Evening traders! So historically the Thanksgiving week is a slow one for the market. Everything will be closed Thursday and will close early Friday. Volume will be incredible low when compared to a normal market day. With that said I still like to look for some reversal options in the event that traders look to sell off some positions heading into the holidays. For now we're sitting on two potential trades: SDOW and LABD. LABD has already given us an entry as our high risk/high reward lotto play. If in, have your 1/2 stops set and hopefully we can see this one make a strong move early this week before the holidays. SDOW has taken a little longer. As the DJIA has stalled out topside, SDOW has bottomed out. At this point we do have 2 of 4 indicators clearly showing a buy signal for SDOW with the slow stow also slightly curving upward. If looking to secure an entry, we'll want to see the daily buy remain intact and a 15 minute higher low to form to grab an entry. So if we see a green day tomorrow, wait patiently for a healthy pullback on the 15 minute chart and as a higher low forms, look to grab your entry. Below you will find the DJIA daily chart with key support and resistance labeled for review, along with the SDOW and LABD chart.