Which Markets Rob Is Watching For Guidance Monday And Key Stocks On His Radar

Welcome back everyone! I am going to be taking a look at where we are at. These are things we need to know going into next week.

We are not really getting a lot of information right now off of the DOW and S&P. They are coiling up. That gives us some indication that we might be due for a move. I am going to be watching to determine whether I will be looking long or short. The NASDAQ and RUSSELL will determine that. We locked in a distribution bar on the RUSSELL on Friday. We closed fairly close to the low of the day on the NASDAQ. The RUSSELL has been performing very well. To pull back off the high isn’t a big deal. It has been a great leading indicator in this process. I want to see if the RUSSELL starts to drag the other markets higher. Otherwise I want to see if we sell down and pick up where we left off on Friday. That would bring us into the channel pretty aggressively.

I am also going to be watching Goldman Sachs. It wasn’t too long ago that I shared my strategy on Goldman Sachs. That was very successful in showing some long side opportunities. That was as Goldman Sachs stared picking back up and supporting the underlying theme of the market going higher. That only lasted for about a week. We then started rolling back over. Goldman Sachs has been quietly rolling over here. You are now seeing some of the markets that stalled out or are outright pulling back. I said that Goldman Sachs would be key for any follow through. If we walked in the door Monday and we are selling down, I am going to be more interested in the short side trade.

We technically have a hockey stick and fish hook buys right now on Goldman Sachs. The next week after those patterns is up statistically. This ties into what I said about the RUSSELL and NASDAQ. If they both start to recover, I will be aggressively going long.

The three things I will be watching Monday morning are Goldman Sachs, The RUSSELL, and The NASDAQ. That will give me the clear cut picture I am looking for.

The weekly charts used to be beautiful on TSLA. It has been taking it on the chin in TSLA. I have been very bearish on TSLA. We are now seeing the end result. The daily chart has been down for the past few months. We are hitting some long term major support levels. I told you all about these levels before. They gave us a reason to hold and led to some beautiful rallies. We now hit that fallen resistance. We are now rolling back over too. If we start to really break through those key support levels, we could potentially see much lower lows on TSLA. If you are a long right now, there is a whole lot of air below. In the bigger picture you can see we are coiling up with falling resistance on top of us and rising support. TSLA is due for some big moves out of those resistance levels. We are going to be keeping a close eye on that as well.

Don’t forget, I have some great training videos lined up for you all next week! Make sure that you are checking back early and often for those videos each day next week. You will not want to miss those! I look forward to seeing you all in the Live Trading Room Monday morning or in tomorrow night’s videos!

To learn more about Rob Hoffman Trader visit www.becomeabettertrader.com

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