The S&P 500 has touched the 200ema for the first time since November 2016. It looks like it is stabilizing along the channel line. My guess is that we will have some consolidation as we continue to work along the lower channel line. Overall, I’m confident in our trades going forward and am sticking to mostly long positions. All we can do is continue to trade what the market gives us.
There was not a public watchlist posted last week, but members of the email list and chat room received a few new setups. The setups are below and SFIX and ARRS are still active.
Divergence Watchlist 02/12/18: MDCO, RYAM, SAVE
Rayonier Advanced Materials (RYAM) – Coiled Stochastic Divergence Back Test into Support
Buy: 18.25, Target: 18.77 – 19.62 (2.85% – 7.51%)
Spirit Airline (SAVE)Stochastic Divergence / Falling Wedge
Buy: 40.40, Target: 42.00 – 44.60 (3.96% – 10.40%)
A few more…
I like ATRA (long over 42)
Keeping a close eye on NLSN (aggressive coiling stochastic) for an upcoming opportunity.
From the watchlist on 1/29/18, FRPT has been coiling since the setup was posted. It has held up well the last few weeks and is showing overall strength. It may continue sideways for several trading sessions, but when it makes a move, it is going to move aggressively.
Trading involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. Opinions, market data, and recommendations are subject to change at any time. It is important to do your own research and analysis before entering a trade. Any trade you make is at your own risk.