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

Today's Trackdown: Tuesday - Nov. 24, 2020

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 Tuesday morning:

  • Futures trade vs fair value were trading higher late last night.
    • Dow +250, S&P +27, Nasdaq +63, Russell +20. (11:00 pm ET).
  • We look good technically - But use "Caution" message has been on here for a while for a reason. (Quick sell-offs 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, the Global Economy, and political drama.
  • Watch the VIX - (CBOE Volatility Index) - Currently back to the low 20s, close to being risk back on.

Today's Economic Calendar:

9:00 AM ET, S&P/Case-Shiller House Price Index for September. The consensus is for a 5.8% year-over-year increase in the National index for September.

9:00 AM, FHFA House Price Index for September. This was originally a GSE only repeat sales, however there is also an expanded index.

10:00 AM, Richmond Fed Survey of Manufacturing Activity for November.


THE CHARTS:

(NOTE: Charts are a good guide, but when a tweet or news item can jerk the markets around, they mean a bit less.)

BRIEFING:

A positive start to the shortened holiday week. Good news today: Biden plans to nominate former Fed Chair Janet Yellen as Treasury Secretary. The markets have a positive feeling about this pick as she favors more stimulus.

We have been thinking a sideways market is most likely, however we do see a lowering of the Vix due to more political certainty and some improving market sentiment. 

**  On our charts we do point out a triangle on the top right corner. It appears like a 'bull flag' formation. So we have a shot at breaking out to new highs and going higher. At the same time, we would not bet the whole farm.

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:

  • A 'Bull Flag' type formation may be present.

POSITIVES:

  • The MACD 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:

  • What about the Fundamentals, Valuations, Virus news, the Economy, Jobs, Election results, Politics, The FED, etc.?
  • A lot of things out there to worry about still!


OPINION:

  • Currently we are above the 20-day, 50-day and 200-day MAs. (Bullish).

  • We were thinking about a sideways - range bound type of market for a while, but the market may keep rising.
  • So - The possibility of making new highs is on the table as the technicals are looking well.
  • SPY 340 is our support/stop level, possibly SPY 352.50 as support now.
  • The top of that big black candle near SPY 364 is where resistance will be found.
  • 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.

* Do not use MARGIN at this time unless absolutely certain of your trade! *

INDICATORS:

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

MA +/- (slope): The 50-day MA (342.27)(+0.41) and the 200-day MA (312.50)(+0.14)

The 9-month chart (below).

We are above the SPY 340 level, which appears to be good support now.

The market looks to be making a nice up-channel since the March low. Technically looking well.


STOCKS: (Our most recent FULL TRADING LIST is posted here). (11-9-2020).

< Favorites & Trade Ideas > <-- Click here for the quotes, details, news and opinions on our current Favorites and Trade Ideas!

  • Current trading favorites: AUPH - Aurinia Pharma (Their Lupus drug is on a path to approval), EPZM - Epizyme, EXEL - Exelixis, HZNP - Horizon Therapeutics (A big winner for us this year/tripled), IOVA - Iovance, KPTI - Karyopharm, TGTX - TG Therapeutics (Our Top Pick!).
  • If your thinking longer-term/income: T - AT&T (7%) high dividend yield.
  • Tech Picks: CRWD - CrowdStrike (Although be aware it has a high valuation now), FEYE - FireEye.

* New - Added FireEye for trading opportunities that may arise. Removed DT, but still watching.

* 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.

.
Are you interested in trading stocks to supplement your income or make a living? Maybe become a professional trader? Many traders have the skills and nerves to trade, but not the upfront capital.Well now that problem is solved!
Try2BeFunded
has expanded its trading program! If you're a novice or experienced trader, you can earn access to a trading account with up to $100,000! To learn more about how to qualify, click HERE and give it a shot! You have nothing to lose it is free to try.

Give Try2BeFunded a try!

.

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