Due to the fact that we have a live training session tomorrow (Thurs) I’ll keep this brief.
The market watch 4 all had inside days today and as noted in my last Focus List they have all marked out a pretty significant 4-6 day range. After such a strong run up over the last few weeks, it should not be a surprise that they consolidate. The high and the low of their respective ranges should be considered considerable resistance and support.
Because of the such well defined daily range, I’d be careful not to put too much weight in determine bias on the pivot stack if it is not much higher or lower than the prior day. The Q’s will have a significantly lower pivot tomorrow, but the rest will have pivots very close to the prior day. The pivot number will be just as important, but you may want more a neutral bias until S1 or R1 are broken. This means you can look for reversals off of either one.
The financials held up well today, don’t let them out of your site.
Longs
RHT
TSCO
PVH
CSTR
TPX
KSU
JCP
Over R1
RAX
NTES
MRX
INTU
CELG
Reversals
DLTR
JWN
BIIB
SPG
TJX
HUM
Shorts
VRTX
BLK
HBC
TAP
BIDU