Key Stocks and Levels to Watch Right Now

Welcome back! As we’ve been keeping you apprised, not a whole lot has changed but the next few months will be pretty exciting because it’s going to be a stock picker’s market and a day trader’s market. Well, the day trader’s side of the equation, I don’t think we have to cover today. You can see the big wide range of green bars on the indices and the DAX for that matter. Despite those big green bars, we’re still in an absence of momentum even on the all-important Russell. There’s negative divergences and declined momentum and things of that nature. Pretty exciting because this market is getting ready for some big moves again. It’s going to be an exciting summer. So, stay tuned for a lot of information on that. For those of you who just joined us, it’s important to understand where we’re at. These moves can be misleading unless you’re taking them into context. You should look at the Nasdaq and Dow. To put that in perspective of just how long it’s really been, let’s look at the weekly chart. The Dow 27000 is going to be a very important level to say the least. Basically, what’s happening here is that we are at a 15+ month of resistance level. I see this in the January timeframe of 2018. In September/October when we had that massive failure and we had that IRB that kicked in there. Really, for the last several weeks, we’re not really going anywhere. With all that movement, I’ve been reporting individual stocks that are moving phenomenally and I’ve showed you several day trades. With so many green bars, I didn’t have to show you what was available because everyone can see it. With the big picture here, you can see the markets haven’t gone anywhere and I’ve showed you several equities that have got phenomenal moves and that’s going to continue in the day and weeks to come. Are we going to make this a true triple top and push down?

Let’s talk about XOM for a minute. Are we going to finally break above the 27000 on the Dow futures, make it support and push off to new highs, which would be an incredible story for this market to say the least. So, that’s the story on the indices that we’re watching then it’s an individual stock pickers market from there. For instance, Under Armor. It broke down below our TRP indicator and that led to a lot of misery since that time in January 2017 since we broke below. It took all that time to recover back up to those previous levels. In order to do that, we had to get back above that zero line. We closed back above that resistance. What we’re watching is can Under Armor be the big turnaround story? We wrote an article at www.wealth365.com. Can we get through that area and make a massive breakout?

XOM that was one we wrote about as well. We have that longterm downtrend line here that you can see on a monthly basis. WE have massive resistance and we’re still on a distribution bar on last month continuing to fail that key resistance area. Very very important to note. You can see it on a weekly basis as well. So, as we look, long-term resistance and so far failing that same resistance. I pointed it out to you in a video the other day. So we are not breaking through there and making it support and taking off. We are still holding that resistance, which is why we’re seeing that negativity that you’re seeing as well. Stay up on these videos because you’re going to see stocks that are failing and ones that are finding new opportunities.

Exciting times to say the least in these markets both on an intraday basis as you can see and we’re wrapping up the day on Friday and of course on the individual stocks as well. We’ll be keeping you apprised on the equities and favorite options plays. Have a great weekend!

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