8:45 AM – MORNING MARKET UPDATE & WATCH LIST
[dropcap]T[/dropcap]he record-breaking pace of the current rally was halted this past week as all the major averages booked weekly losses.
QUOTE OF THE DAY:
“It doesn’t matter where you came from. All that matters is where you are going.”
– Brian Tracy
After trading somewhat indecisively for most of the shortened holiday week, the market took a considerable hit on Friday after U.S. authorities confirmed a second case of coronavirus within the country. There were concerns over the efforts to control the outbreak, along with the potential negative impact on the world economy.
After posting their largest percentage weekly gains since 8/30 last week, all three of the major averages pulled back considerably this past week. More notably each eclipsed their respective 10-day moving average on Friday. The 10-day has been a line which each index has basically held above since they broke out to new highs in mid-December.
The Dow Jones Industrial Average closed lower every day of the week and ended with a net loss of -358 points or -1.2% and -10 points back under the 29,000 level at 28,990.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
This morning, stocks are poised to drop sharply at the open. Dow futures dipped as much as -500 points, or -1.6%, before recovering some losses. The Nasdaq is headed for an even bigger fall.
Britain’s FTSE 100 and Germany’s DAX both fell more than -2% in early trading. Japan’s Nikkei slid -2% as well on a light trading day in Asia, with most markets closed for the Lunar New Year.
Earnings season picks up this week with 14 out of the Dow’s 30 components expected to report during one of the busiest weeks of the season.
Did you see the notice that was sent out Friday afternoon at 3:00 PM?
Market Pulls Back – Individual Stock Support Level to Watch
The major averages are pulling back today with the Nasdaq and the S&P 500 at their respective 10 DMAs.
The Dow is clearly below, and a close below there would be technically significant.
As we’ve said – the 10-day moving average line is the line to watch for this rally.
As far as individual stocks – The SUPPORT LEVELS for the past 30-days of BreakOut Alerts have just been reviewed and updated.
Now is an important time to see which stocks are holding above or breaking below these important technical levels.
Please see the table on the “BreakOuts – Past 30-Days” for your stock’s individual SUPPORT LEVELS at the link below.
AVAILABLE IN THE PREMIUM MEMBERS AREA HERE
(as of 1/24 – requires a membership)
RECENT CHART HIGHLIGHTS
Have you seen the new
Premium Members Area at…
Our new Premium Members Page now features the current watch list and past 30-days of breakouts.
These stocks are now presented with more data points – update continuously throughout the trading day.
Each selection is featured with an annotated chart – showing support levels and other specific trading criteria that is updated nightly.
See the latest watch list additions which are near a breakout, follow the ongoing chart analysis and updated support levels, for your holdings.
We also have a new, faster BreakOut Alerts system, – alerts are now available as a text message to your cell phone.
TAKE A LOOK
(as of 1/24 – requires a membership)
BREAKOUT ALERT UPDATE:
Ormat Technologies, Inc. (NYSE – ORA)
Ormat Technologies, Inc. is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants.
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WATCH LIST UPDATE:
No matter the market, I always have a current watch list ready. There are now 4 stocks that we will be watching for a traditional break out to new highs.
Members can access all watch lists with updated trading criteria including – TRIGGER PRICE, TRIGGER VOLUME, and MAX BUY PRICE for every stock here. (as of 1/24 – requires a membership)
About the Founder: James F. Taulman – James served as Editor-in-Chief of the first independently licensed website that offered stock reports and services based on the CAN SLIM® investment system. He has developed a knack for being able to quickly and accurately analyze high-ranked stocks based on this winning investment strategy. Over the years, Mr. Taulman has enjoyed assisting individuals from professional money managers to private investors with their needs in relation to implementing this investment approach on a daily basis in the current marketplace. Each Sunday you could hear him deliver his weekly market report as part of the “Your Money Matters” radio program on ABC and CBS radio networks.
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