Major Averages Face Resistance – Futures Sharply Lower

Dow futures off nearly 100 points as of 8:3o AM.

They’re saying – “Global markets are slumping, oil is dropping, and government bonds and gold are surging as investors seek safer ground.”

Okay. So, that is what we are working with today. Never a need to panic, of course. Just see what unfolds and respond appropriately.

I think, I (and probably everyone else), had talked enough about the the major averages yesterday as far as them being up against resistance.

Each held up Thursday, yet futures are considerably lower this morning as we anticipate a pullback.

If the market does pull back, we will closely monitor our current positions for any individual weakness.

Holdings which are extended, should be considered the most vulnerable.

Extreme examples include: NTES (P/L: +13.6%), DW (P/L: +31.9%), ERI (P/L: +47.7%), CMN (P/L: +3.9%), IGT (P/L: +6.2%), AHS (P/L: +35.3%), HII (P/L: +27.2%).

SEE TODAY’S COMPLETE REPORT HERE

Market Opens With Slight Gains – Another Stock Sets Up

The S&P 500 and the Nasdaq posted weekly gains, and broke what was a string of losing weeks.

However, the Dow booked a loss for a fourth consecutive week.

The market continues to pull back from its highs.

So far the retracement has been relatively tame, and even healthy, as we are finally getting some digestion of the sharp gains which were made from the mid-Feburary lows.

The most important thing to see going forward would be a break out of this current downtrend to the upside.

That would be most technically significant, and would mark a possible start to a change of the market’s tone.

We had another two breakouts this week from the Technical SetUps WatchList.

SEE TODAY’S COMPLETE REPORT HERE

After Another Tough Day – Market Higher

After another tough day yesterday, market opened higher this morning.

Most indexes in Europe were up by about +1% in early trading and the vast majority of Asian markets ended their day with positive results.

However, the overall trend for our major averages continues to be negative.

This will of course be the case until we get a break out and above of that trend, and that should be the focus right now as far as market direction.

Of note, shares of our NICE (P/L: +0.27%) broke out on Wednesday as the company announced it was to buy U.S.-based inContact, a maker of cloud software for call centres.

The stock abruptly pulled back yesterday.

This morning there is a report out that a national firm has commenced an investigation into the fairness of the sale of inContact, Inc. to NICE Systems Ltd.

Shares are steady at the open.

LYTS looks like it will test support at the 200-day moving average, at $10.81.

LKQ closed below the 50-day moving average yesterday. As noted yesterday – a close below there would be a sell signal.

Here is an update on another breakout from my Trendline SetUp WatchList.

SEE TODAY’S COMPLETE REPORT HERE

Major Averages Continue in Downtrend

The Dow and the S&P 500 remain in a short-term downtrend, as each made some more new recent intraday lows again yesterday.

This pullback has been relatively tame thus far, especially when compared to the sharp and vicious, world-coming-to-an-end sell offs we had back in August and in January. Although there is a bit of a pick up today.

Other things to note…

Bank stocks got a boost Thursday as the minutes from the latest FOMC meeting were released which included hints of a June rate hike. (almost hard to say that with a straight face) Lots of them showing up in my screens this morning.

The European Central Bank released the minutes of its latest monetary policy meeting this morning.

As far as our individual stocks which made the highlight reel…

SEE TODAY’S COMPLETE REPORT HERE

After a Solid Up Day – Market Opens Lower

The current rally remains under pressure.

The Dow and the S&P 500, which both defended their 50-day lines last week, fell below that important technical area on Monday.

Although they quickly regain the loss yesterday, today the major averages are once again struggling as each remains in a short-term downtrend.

A convincing break above that downward trendline would be technically significant.

SEE TODAY’S COMPLETE REPORT HERE

After a Rough Week – Market Opens Higher

The current rally remains under pressure as the major averages continued to pull back from their highs last week.

The Nasdaq fell for a fourth consecutive week, while both the Dow Jones Industrials and the S&P 500 closed lower for a third week in a row.

More importantly, the Dow and the S&P each closed below support of their 50-day moving average.

This is an area where these benchmarks had held above since 2/29.

Looking to today’s open – after a rough week, market opens Monday morning higher.

Still, going forward caution is advised and we should really turn our attention to our current positions.

Here is an update on a previous breakout from my Trendline SetUp WatchList.

SEE TODAY’S COMPLETE REPORT HERE

Market Mixed – Short Set Up Near Trigger

Support held yesterday in the Dow and the S&P 500 as they both traded higher after falling intraday to their respective 50-day moving averages.

As long as the Dow and S&P 500 maintain this important technical level, will have to give this rally the benefit of the doubt.

The Nasdaq is having a harder time though, as its 50 DMA is acting as resistance.

As far as set ups…

On the SHORT side, CI is getting closer to triggering a short sale. Please see the table below for its specific trading criteria.

Here is a one stock that is currently on my TrendLine SetUps WatchList, which am I monitoring for a buyable breakout.

SEE TODAY’S COMPLETE REPORT HERE

After Sharp Down Day – Market Opens Higher

After a sharp down day yesterday, the market opened higher this morning.

As long as the Dow and S&P 500 maintain their respective 50-day moving averages, will have to give this rally the benefit of the doubt.

Breakouts with volume remain buyable.

In all honesty, I didn’t get a chance to do a complete screening this morning.

So, I am not yet adding any new stocks to any of our watch lists at this time.

I will screen shortly after the open, and if I find anything good, I will email you guys.

Here are a few I am looking at: ADPTGELSLF, and ACM.

Here is a one stock that is currently on my TrendLine SetUps WatchList, which am I monitoring for a buyable breakout.

SEE TODAY’S COMPLETE REPORT HERE

After a Solid Up Day Major Averages Lower

After a solid day yesterday, stock futures are lower this morning.

On Tuesday, the Dow and the S&P 500 continued to trade higher from found support of their respective 50-day moving averages.

The Nasdaq closed the session up +1.3% with a +16% increase in volume, yet ran square into – what is for it – resistance of its 50-day moving average at 4813.

As far as our individual stocks…

The Technical SetUps and BreakOuts have performed rather well as of late.

We had two breakouts so far this week from that watch list.

On Monday – CCI (P/L: +2.2%) and THO (P/L: +1.9%).

Two breakouts last week – WTR (P/L: +1.1%) and FR (P/L: +6.1%)

The week before that, we had RTN (P/L: +2.8%) on 4/27.

This includes every breakout we have had for the past 3 weeks.

Check out the charts.

SEE TODAY’S COMPLETE REPORT HERE