$SPX Nothing has really changed since last week. We remain below our broken trend line with increased selling volume. Breaking below the 2125 and 2100 support areas could lead to a larger sell off back towards 2000. The 20 day sma remains below the 50day sma and begins to act as resistance. We have lost our trend, and failed to put in a higher high. Things are not looking good for the overall markets. Capital protection is key in this market environment. Aggressive trading and new positions are not recommended. Focus on managing your current positions.
$AKS - Coming out of a nice wedge pattern and breakout above a prior high on increasing volume. LF continuation and a pull back to that 5.20 area where resistance turns support. $ALJ -Still holding that trend line and a nice increase of volume. Continued volume on Monday could give a good entry. $AMD - Great earnings report but still managed to sell off pretty good. As mentions earnings are 50/50 gamble. Good earnings does not mean guaranteed breakout. LF 6.50 to hold as support as their has been a lot of buying keeping it above that area. $CC - Made a nice move to 17.00 off last weeks idea. Patiently wait for another pull back. $CPPL - 20 day moving average has caught up to price. Time for this one to make a decision. Close watch into next week for that move over 16.40's $EZPW - Want to hold 10.50 and start making a move towards 11.00 $FH - Reaching 20 day support and may look to rebuild our current position here. Then will look for a move back towards 4.00 $GRAM - Got the close over 8.40 we were looking for last week. Should start to see this one more higher now. $LTEA - Good volume buying and making a move over previous highs. Watch for continuation Monday and increasing volume. $NXTM - Looking for this base to hold and confirmation that a Cup and Handle pattern will form.
$ZUMZ - Still holding up above that 22.00. Waiting to see if volume comes back in for a next move higher.
What do you guys have on your watchlist this week.
Video: Market Update
Submitted October 23, 2016 at 04:38PM by EatSleepTrade http://ift.tt/2eyOppA
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