Hope the weekend is going well for you all. Really tough to tell the direction markets will go this week. I continue to see a lot of mixed signals in my market review. However, when going over a bunch of charts this weekend, I did see a number of appealing long setups. These are what I wanted to share. All have key areas highlighted. If price slips below these areas, I would no longer be interested in owning and these are also the areas I’d use to place my stop if I enter these names.
I do currently own RWM (inverse small cap ETF) as the Russell 2000 continues to be the weakest of the indexes. If things turn South this week, I may add to my existing exposure there and continue to hold a decent sized cash position. No way to know what’s going to happen so best to just play the best setups as they develop. Here’s some I’m watching closely.
X shown last here is a bit different than the others as the longer term trend is clearly down. Not my typical play, but momentum appears to be slowing and if price starts moving up, we might get a nice counter-trend rally. What’s important here and with all setups, is we know where to get out if wrong. It happens a lot!
Hope you find these helpful. All charts above are Raindrops from Trendspider. If you haven’t checked out the platform or these unique charts click here and give the free demo a shot. If you like it you can use GRG15 to get a discount.
Also, I’ll be a guest on an upcoming webinar discussing my process and how I trade with a full time job. Here’s a link if you want to listen in on September 22. Webinar.