The indexes remain stuck between support and resistance, and today’s lethargic price action didn’t do anything to help solve that. I continue to look for the 200 SMAs on the daily charts of the S&P and NQ on a short-term basis, but I am stalking many longs for entries. Here is my Tuesday watchlist of everything I’m watching, including PYPL, AYX, VRSK, MSFT, ADBE and VEEV.
There are a number of names reaching the entry zones. Here I outline what they are, the levels, and the trading plan. This is a great video for members who are learning how I trade longer-term time frames.
The ES, NQ, XLU, and XLP are nearing zones that would setup long positions.
In tonight’s free video we’re looking at two symbols. One where I might look to fade the rally and resistance at $100, and one I’m already buying, and would like to buy more if we see any weakness.
There are a lot of opinions in the market right now. Most of what I read from traders into the close was rather bearish, and I can see those patterns, but all we need is a little bit of good news to shake them out. We’ll have to see. Let’s look at the ideas on a chart and what my plans are for Tuesday.
Patience to wait for entry zones can be tough but when considering the anemic volume we’ve seen, a post-holiday weekend entry is exactly what I have on my Radar.
Not an easy morning, mainly because a holiday-affected Friday is a tricky situation. Follow the process, manage risk with moderate to conservative entries, and smaller size.
