7:30 AM – MORNING MARKET UPDATE & WATCH LIST
All three of the major averages closed sharply lower yesterday on higher volume. The Dow plunged -494 points, as the Nasdaq lost -123, while the S&P fell -53. All three indexes are now well below their 50-day moving averages.
QUOTE OF THE DAY:
“Choosing to be positive and having a grateful attitude is going to determine how you’re going to live your life.”
– Joel Osteen
A surprisingly weak report on U.S. manufacturing from the Institute for Supply Management was followed Wednesday by disappointing private employment numbers for September from payroll firm ADP. This has pushed the S&P 500 down -3% in two days.
The United States said it plans to impose tariffs on $7.5 billion worth of European exports starting October 18th. Should the tariffs be enacted, as seems likely, Europe will retaliate.
Also, tensions in Hong Kong keep rising as pro-democracy protests continue, and Brexit remains a mess even as UK Prime Minister Boris Johnson pushes for a deal before October 31st.
Let’s not forget, the US impeachment inquiry against PresidentTrump.
The market’s current uptrend is clearly under pressure with a distribution day count at 7 on S&P 500 and 6 on Nasdaq.
For notable earings today we have, Constellation Brands and PepsiCo reporting before the open. Costco will follow after the close.
Our latest BreakOut Alert continues holding onto is gains in a brutal marketplace.
#1 Brookfield Renewable Partners (NYSE – BEP)
Brookfield Renewable Partners L.P. is a publicly-traded limited partnership that owns and operates renewable power assets, with corporate headquarters in Toronto, Canada. It is 61% owned by Brookfield Asset Management.
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Chart services courtesy of stockcharts.com. Annotations by James Taulman.
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NOTE: This stock was on my Technical SetUps WatchList. You can now start receiving my Technical SetUps WatchList each market morning through the BuyingBreakOuts website for only $9 a month here.
Now matter the status of the market, we should always have a current watch list ready.
There are now 11 stocks that we will be watching for a traditional break out to new highs.
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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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