Rob Reviews Several Stocks And Markets To Prepare For Another Big Run Of Trading Next Week

Welcome back! Let’s take a look at several different markets this weekend. First of all, let’s talk about Google. For all its rallying that it did, it smacked back into key resistance on the daily and weekly chart. As you can imagine, I really want to get above those. Ultimately, I want to get above the 1120 level. At that point, if I see it’s support, I’ll be a lot more excited about runs back to 1200.

As for AMZN, I told you over the last few days that I’m concerned about this distribution in the backdrop here. These distribution bars are very powerful and they’re continuing to hold us. At this point, until we get above that 1500 mark, it’s going to be a pretty rough ride for AMZN. It’s only for intraday purposes from my perspective to see if we can get off to the upside. I won’t look for fresh swing trade ideas until we’re above that 1500 level and show that it’s support.

NFLX also hitting its distribution. As we closed out the week we really contained those resistances that I shared with you in the last couple of videos. So, same thing. Until we can get above that 290 level, we can start thinking swing trade toward 300/310 or beyond.

For AAPL we’ve talked about the 175 level. We’re continuing to hold that. We hit that level from the underside and it’s still resistance. I’ll say the same thing I’ve said multiple times, until we get through that 175 level, make that support. We really don’t have a big option for opportunity of which to take long-side trades unless you’re going to catch falling knives. If you kept a tight stop you might have been stopped back out before it rallied back up anyway. Better to let it show its serious about continuation. Don’t catch the falling knife, which for many of you has been painful over the years. Instead, wait for the resumption back in the direction of the trend. Those can usually be more profitable in my opinion.

The US Dollar is holding on for dear life and we have this accumulation right here. If we start to fail down below this area in the days to come (not counting Monday where the futures might trade and not the equities). If we actually have that activity during regular open session where the bond market opens, that could bode very poorly for the US Dollar. Watch out for around the 8825 area.

Crude oil is very similar to a couple of stocks I showed you where they’re sliming into these resistance levels that are currently falling. Until we get above that 63 level, I’m not going to breathe too easy. I really want to get above that 6390 for swing trades and/or day trades.

As we take a look at the overall market for you, you’ll see a common theme. If you were watching my video from yesterday, I talked about the expectation for a pull back going into Friday for the fact that we had really high, over-cooked stochastics, which imply a pull back. Also, because of potential profit taking, where people are not going to want to hold into a three-day weekend. You can trade futures on Monday but you’re not going to want to trade equities. That can lead to pressure. Sure enough, that’s what happened. We had the Nasdaq above some levels but we couldn’t break the Russell. I was still able to fire off some long-side trades this morning in the Live Trading Room but it wouldn’t break that level that would allow us to have a big splash to the upside and have a true recovery. The S&P held down below that resistance in the 2744 area. The Russell very importantly held at the 1553 level, which was unfortunately was devastating for us. The Dow held below the 25335 level. So, it just was too much and kept us under pressure in these other markets. At this point, I want to break through these levels going into next week Tuesday and beyond.

Also, one more thing to keep in mind, that very special offer I made for you for the Live Trading Room will end on Monday at noon CT / 1 p.m. ET. The Jumpstart Trading Course that we sell for $997 and the extra 2 weeks in the room will come to an end. Now is the time to join our Live Trading Room. Go to this weekend to get the bonuses.

Have a great weekend! We’ll see you Tuesday morning in the Live Trading Room!

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