It’s the most commonly asked question that I get: Where is the market headed? Back in the 1880’s, Charles Dow explained how market psychology and price action intersect. With that, we look at the current markets and what the expected path is for the S&P, NASDAQ, Dow, and Russell.
Using some simple tools, I’ll walk you through how I build a list of symbols that have directional bias. Follow the trends.
Crude oil rallied again on the type of geopolitical news that has moved it higher in the past couple months. But with the overall macro bearish for crude these have given us setups for shorts. Here’s another way to take advantage of these moves in related symbols.
COP, VLO, RTY, YM, and more on the Radar. Here are the setups that I am looking at for the first half of the week as well as some other setups that, while not ready for an entry, should be at the top of the list.
While the overall indexes are running into resistance, there are a few strong stocks out there I have my eye on to consider the buy side. These all happen to be restaurant stocks. Let’s look at YUM, MCD, SBUX, and CMG.
While the positive move in the indexes today looks promising, until we break and close above the 50 SMA on the NQ and S&P daily charts, I am staying cautious. I like the transports and the Russell for potential shorts, and I’m stalking longs in MSFT, AMZN, V, COST, and PAYC, but unless we can break resistance, we are going to stay in pinball land.
