Good evening StockBandits!
AAPL bounced to lift the NAZ slightly today, but aside from that there wasn’t a whole lot else going on. There was a gradual lift intraday which diminished the effects of a soft open, although momentum was absent as the bulls again toed the line of 1474 for the S&P.
It’s as if everyone is waiting for someone else to hit the big button before they’re willing to add to longs. Ultimately, the indexes finished right near last night’s closing levels with nothing of technical significance taking place.
Housekeeping items:
* The emailed version of the nightly report does not contain the table for Bullish/Bearish stocks, so please be sure to login to the site for those additional lists which are included.
* Some Bandits are reporting that last night the emailed version ended up in their spam/junk folders, so please go check yours to ensure that isn’t the case. If you find it there, please mark it ‘not junk’ or ‘not spam’ so that you and others with your same mail provider will receive them more consistently going forward. Apparently this is due to the number of embedded chart images.
* This is your last chance to submit your stock requests for this week’s video! Anything received after tomorrow morning goes on the list for next week. I’d love for you to participate in this because I know how helpful it can be to have another set of experienced eyes on your charts. That’s why I’m doing it. Here’s the link.
Keep checking the earnings calendars this time of year before holding any stock overnight! Let’s get to the charts.
NAZ – The NAZ gained a little ground today but not enough to exit this range. 3127 remains the level to watch on the upside to invite more buyers into the picture.
SP500 – The S&P incredibly went up today yet still remained shy of 1474. This is setting up for a potentially very strong breakout (if it ever happens) or a quick retreat from this level if traders become impatient, so I’m starting to expect an emotional move once we see a direction chosen.
RUT – The RUT recovered quite nicely on Tuesday to finish at new highs after early weakness, but today it showed zero follow through and instead retreated a bit. Today was either nothing noteworthy or we just saw a peek-a-boo failure through the 883 level established last week. If so, I’d expect to see a test of 868 which was former resistance cleared a couple of weeks ago.
Notable Names:
BA is the ticker for Boeing but perhaps a more fitting description is Bad Attitude given all the negative press of late. Today the stock took another hit based on news of more groundings in Japan of the 787 Dreamliner. The pervasive negative news is more of a nightmare in public relations for this stock despite widespread understanding that new aircrafts tend to have a period in which the kinks get worked out. Shares took a hit today but overall they’re still basing beneath first resistance at $78.
UNXL went parabolic in December and then again earlier this month before spending the last two weeks trying to rest. This one is perking back up and is on the radars of momentum players. One could make a case for another move starting here with today’s push past the trend line on expanding volume. The wide-ranging green bars look pretty sexy until a closer look at nearest support is considered, which happens to be about 14% away, so always keep that in mind when watching the flashy names like this one. The tighter patterns might mean less upside potential than a chart like this, but they certainly come with better-defined risk as well.
AMGN has stalled out lately, created a lower high, and then today it marked a lower low as it broke the December pullback low and undercut rising support going back to September. This marks a negative change of character to the bearish side. This stock is a slower mover, which means it’s likely best now to wait for a feeble bounce before considering shorts since it just dropped 5% in 5 sessions. Also note the recent distribution days with elevated downside volume as early indications of this shift of direction.
New Swing Trade Candidates:
These stocks look ready for imminent multi-day moves. Pattern confirmation occurs with a move through the entry level. Initial stop and target levels are also provided.
PWRD is in pullback mode but today it started to perk up and price is now challenging the descending trend line. A thrust through that trend line at $12.30 frees up this stock to climb again and reclaim some of its recent momentum. The bigger picture here is that of ongoing recovery from the summer lows, and this is a constructive pattern with room to head toward some levels from the spring.
WLT has established a pair of higher lows since November. Here the stock is sitting just shy of a descending trend line marking the pace of the current pullback. A turn up through $37.90 could bring a quick test of the October high followed by June support.
PXD has settled into a nice bull flag pattern here and today with a solid showing it now looks ready to go. It now needs to clear $113.30 in order to start an attack on the spring high and possibly run to new highs, which this pattern would project.
[table “404” not found /]
I may somehow be missing it, but I do not see the table of open trades, updates either on the Bandit Hideout Page or when going into the day by clicking on the title (the page that brings this reply box up). It just isn’t here that I can see.
Jon
Hi Jon,
As I noted in the video on Monday there will not be daily follow up on the trades. However, I did mention that I am still happy to discuss individual stocks/trades if you inquire about them.
Have a good evening!