8:15 AM – MORNING MARKET UPDATE & WATCH LIST
[dropcap]I[/dropcap]t was another down week for the major averages with this past week being more severe than last.
QUOTE OF THE DAY:
“If your dreams don’t scare you, they are too small.”
– Richard Branson
The current market rally came under increased pressure as China coronavirus fears grew. The indexes we’re hit with more losses, despite strong earnings reports from the key names such as Apple (AAPL), Tesla (TSLA), Amazon.com (AMZN), and Microsoft (MSFT).
After closing below their 10-day moving averages on the previous week, the major averages opened with a sharp gap down on Monday. Each then trended higher throughout mid-week until reaching their 10 DMAs where the indexes met with that resistance.
The week ended with a severe selloff on Friday where all three indices closed at their session lows with a sharp increase in volume.
After losing -358 points the previous week, the Dow Jones lost -734 points or -2.5% this past week.
The blue chips closed January at a new 2020 low of 28,256, and -178 below their 50-day moving average.
Over the past several weeks I’ve pointed out the significance of the 10-day moving average for each the major indexes. After holding above those respective lines since the collective break to new highs, the averages each closed below there and now that line is acting as resistance.
For the record, there are now 5 distribution days on S&P 500 and 4 on Nasdaq.
The current rally is officially – under pressure.
Earnings season continues with nearly 500 companies reporting this week.
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)
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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