Send me real-time posts from this site at my email

Today's Trackdown: Wednesday - April 21, 2021

SPY Charts and some Technical Analysis

News to keep in mind Today - Today's Economic Calendar - The Charts - Opinion - Stock Picks.

News to keep in mind Wednesday morning

  • Futures trade vs fair value were trading lower last night.
    • Dow -47, S&P -7, Nasdaq -59, Russell +0. (2:00 am ET).
  • We look good technically - But use "Caution" message has been on here for a while for a reason. (Quick sell-offs and/or getting overbought are a possibility at anytime - so we continue to leave this note).
  • The biggest factors in the market right now are; Coronavirus headlines, the US economy, interest rates, the Global Economy, any political drama.
  • Watch the VIX - (CBOE Volatility Index) - The Vix is still under 20 after a little rise with the latest selling. Not a concern currently.

Today's Economic Calendar:

7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.


THE CHARTS:

(NOTE: Charts are a guide, do other research as well.)

BRIEFING:

We got a little pullback again on Tuesday, and with that an evening star pattern is seen. This pattern usually marks a top area / change in trend area. We have one change to our chart indicators. The Stochastics have come down to a neutral from overbought.


* If you have any questions ask us! *


IF wanting to gamble: Options trades on these ETFs will give you a way to place your bets. $TQQQ - $SQQQ - $SPXL - $SPXS.

* Beware - levered ETFs are subject to decay and are not for long-term holding. *


CHANGES:

  • The Stochastics have dropped to neutral.
  • We have an 'Evening Star' candlestick pattern.

POSITIVES:

  • The MACD is positive.
  • The Money Flow is positive.
  • We are over the 20-day moving average, which is rising.
  • We are over the 50-day moving average, which is rising.
  • We are over the 200-day moving average, which is rising.

NEGATIVES:

  • Evening Star candlestick pattern.
  • Possible market top or trading range in the future?
  • Thinking about the Fundamentals, Valuations, Virus news, the Economy, Jobs, Politics, The FED, etc.?
  • Some things out there to worry about still! Or a wall of worry to climb as the saying goes.


OPINIONS:

  • The 'Evening Star' tells us we are at a top of some kind for the short-term.
  • Longer-term we are still bullish.

  • Some risks to the markets still remain. When will the Fed's easy money and the stimulus sugar run out?

  • We still say "Use Caution" for a reason. Do not over risk yourself or over leverage yourself.
  • We are still susceptible to large drops or dips.
  • Look for trading opportunities that could result and have your trading lists ready.

* Be careful if using MARGIN, be certain of your trades! *

INDICATORS:

The MACD is positive. The Stochastics are neutral. The Money Flow is positive.

MA +/- (slope): The 50-day MA (394.52)(+0.52) and the 200-day MA (358.54)(+0.52)

The 8-month chart (below).

We are above the SPY 395 support level and making new highs.

The market continues to climb in an impressive up-channel.



  • Current trading favorites:
    AUPH - Aurinia Pharma, EPZM - Epizyme, EXEL - Exelixis, HZNP - Horizon Therapeutics (A big winner for us last year), IOVA - Iovance (Dropped from 50 to low 30s, good time to buy), KPTI - Karyopharm, SGMO - Sangamo, TGTX - TG Therapeutics (Our Top Pick!).
  • Tech Picks: CRWD - CrowdStrike (Be aware it has a high valuation.)
  • Also watching: IMGN, TRIL, VKTX.

* Feel free to share your list/picks in the comments below.


Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.


If you liked this article, please click the LIKE (thumbs up) button.

Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so)!

Follow us/bookmark us and check back occasionally for additional articles or comments on our page...

Wild Tiger Trading - start/main page.

With our Daily Trackdowns, check back for additional analysis/observations during the trading day in the comments by us or our readers.

.

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue