The S&P 500 is lower on Corona Virus fears, having printed all-time highs again all week long. Instead of selling off, as the financial media continues to pedals, the markets keep shrugging off daily hyperbole. CNBC is impossible to watch.
S&P 500 – SPY
Price action this morning is a bit lower, so hedged positions in SPY puts mentioned Wednesday during the LIVE broadcast will cushion traders’ portfolios. We’ll also be looking for opportunities, should big-cap stocks hold above the 9ema (the red line) referenced on the chart of SPY.
Momentum, (MACD) is bullish, so it would take a few days to slow progress in the SPY ETF. Nasdaq is outperforming, therefore we will consider big-cap technology stocks.
If SPY breaks and closes below the 9ema, we will reassess.
Some levels to watch in stocks we’d like to buy on dips for a potential day trade or short -term swing. All of these stocks are trending above bullish 9/21d moving averages.
- AAPL – Wednesday LOD 321.47 and 320.64 (9ema)
- NFLX – Wednesday LOD 375.99
- NVDA – Wednesday LOD 268.45
- Additional stocks covered during the LIVE broadcast showing relative strength and high RVOL for day trades.
Remember, all new positions start as a day trade and must close in the upper half of the daily range to consider a swing.
Futures are building a profile above the recent breakout zone.
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*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine-tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.