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

Today's Trackdown for Friday - July 23, 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 Friday morning:

  • Futures trade vs fair value were trading a bit higher late last night.
    • Dow +45, S&P +10, Nasdaq +40, Russell +9. (1:00 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 Vix dropped below 18 on Wednesday, nothing to see here. This is back to a neutral/risk on area.

Today's Economic Calendar:

No major economic releases scheduled.


THE CHARTS:

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

BRIEFING/OPINIONS:

The markets had a sideways to slightly higher day led up by the large caps/tech stocks. The Nasdaq was the leader of the day and the small caps/Russell was noticeably weaker. We had no changes to our chart indicators. The current set up still looks bullish. Both the MACD and the Money Flow have stopped their pullbacks and appear to be starting new legs up. The next test is at the resistance near SPY 437. The current support and resistance has us in a SPY 425-437 range.

It appears that the "buy the dip" is still the thing to do. Technically & Chart wise the market looks good.

* If you have any questions, opinions, or comments to add please do so! *


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:

  • None.

POSITIVES:

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

NEGATIVES:

  • 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.


RECAP:

  • Longer-term we are still bullish. The 8-month chart shows a strong uptrend.
  • The risk of drops or brief pullbacks still exist in the short term.
  • Some risks to the markets still remain.
  • Longer-term questions to ask: When will the Fed's easy money and the stimulus sugar run out?
  • Will higher inflation cause the Fed to raise rates?

  • 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 (423.32)(+0.46) and the 200-day MA (387.90)(+0.49)

The 8-month chart (below).

We are above the 425 support level.

The market is still climbing in a long-term up-channel.


STOCK PICKS: (For trades and/or investments.)

  • Current trading favorites: AUPH - Aurinia Pharma, EPZM - Epizyme, EXEL - Exelixis, HZNP - Horizon Therapeutics (A big winner for us last year), IOVA - Iovance, KPTI - Karyopharm (Good buy under $10), SGMO - Sangamo, TGTX - TG Therapeutics (Our Top Pick!), TRIL - Trillium Therapeutics.
  • Tech Picks: CRWD - CrowdStrike (Be aware it has a high valuation.)
  • Also watching: IMGN, VKTX.

* TGTX is a great buy at current levels. *

* 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