The markets and levels to be watching next week

Okay, gang, welcome back! I hope everybody is kicking off to a great weekend here or by the time you watch this video Sunday morning or fully enjoying a great weekend. As we go ahead and we take a look not much has changed since Thursday but since everybody’s kind of watching this every day knowing how important these key levels are at let’s go and just give a quick update. Still right there you know a few hundred points shy that Dow 27,000 levels so we did hold on. Didn’t quite make a accumulation bar though this week, so, it’s more of a distribution bar unfortunately for those either betting for the long side but, we’re gonna be watching really closely these key areas over here of resistance that’s what we want to get back above at this point. If we start deteriorating down through this week’s low, you know, then things get more dicey for the long. So we’re gonna be watching that very closely but in the end no major pullback away from this area here this week and so really a status quo kind of a pause the refresh kind of week. As we are certainly the suppose week. So, as we take a look at the bigger picture the Dax is holding in here pretty well, nice, and strong.

Nasdaq really took it on the chin this week stocks like Amazon down another $14 or so here on Friday. Just a lot of tech stocks kind of under the weather right now and so we’re sitting here at the bottom end of the channel, all right? Don’t like to see that you really want to charge ahead come Monday. I really want to see us charging ahead here don’t want this pushing down any lower than the 7,650 area ideally. We’re still holding the middle point of the channel on the Dow area here at 26,700 again down 27,000 here you if you’re looking if you’re long you really want it back above that down 27,000 and fast. So, this would be a key week going into next week here as we have the falling speed line resistance but the rising midpoint of the channel you’re gonna start getting a little more nervous we’re breaking down below the midpoint of that channel. Same thing with the Russell as the Nasdaq where we once again, hit the bottom end of that channel today and you’re gonna get nervous going into next week here I’m gonna be focusing more on the short side likely if we are breaking down below the lows here at the NASDAQ and the Russell come into the new week. S&P; like the doubt held on for dear life at the midpoint of the channel here. Both of those with accumulation bars so you’re basically on standby going into next Monday here can we just stop here and start charging back ahead and basically take it right to the edge without pushing us over the edge you know to the downside. Right to the edge make it look it’s worst and then have a nice recovery that’s what you’re looking for if you’re long. If you’re short or you want to be short then we’re looking to break down below those lows you know as we go into next week here.

As we take a look at some individual stocks here you recall gold I told you the other day or there is a video there that, you know, not terribly excited about this right now we have to break out, break down from this area we’re still kind of losing an underlying market energy, so looking at it from for a bull side I’m looking to hold here and break back above this downtrend line here see we can get back into long side opportunities otherwise, if the market starts rallying and gold starts deteriorating here in the next week then this should be a short term short opportunity. Crude oil down again today and you know we kind of talked about crude oil previously not a big surprise here with the full retracement back this is going nowhere fast at this point and don’t have a lot of interest in this at this moment. Dollar Tree was one I did not get to follow up on on the Thursday so I want to actually make sure I hit that one here for you tonight. So, Dollar Tree was up again here on Friday this one has that has some real resilience that kicks in with my institutional indicators and really kind of gets going there. So, every time the institutional indicators kick in it rallies up. So, what I’m watching right now is this long-term resistance in this area and can we actually make this area a support area we could be on our way to the 120 area. So, be keeping an eye on Dollar Tree here and see how it responds to this resistance and if we can make it support. One other thing note, so, for those of you that are holding on for hope for the long side Goldman Sachs Goldsman Sachs said so there goes the market I’m looking at Goldman Sachs here and Goldman Sachs did have a small if small rally just an up day on Friday you know, much like the stock indices we start breaking down pull on the bottom end of the channel you’re gonna be really disappointed you want to get backed up here above 211 on Goldman Sachs and fast to breathe a little bit more of a sigh of relief, okay? So, you guys have a great rest of the weekend here we’ll look at a lot more stocks as we go into next week and enjoy what’s left of the weekend and we’ll talk shortly! Take care everybody! Bye-bye!

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