Stock Market Relief Rally Vanishes Amidst Growing Fear
Welcome to Smart Money Alerts for Wednesday March 18. 2020.
The stock market staged a relief rally yesterday but the happy glow is gone. Stock futures traded limit down this morning and we are looking at new selling.
Today we need to be nimble because we are not seeing follow through. Nice job if you sold at the close.
In today's episode of Stocks for Breakfast I review the top 3 trade setups from yesterday using the SPY ETF.
Then I provide the levels I'll be watching for today. Once again I'm picking stocks to day trade.
No long-term calls right now. No new swing trades.
Stocks mentioned today include AAPL and AMZN and UNH. FDX FedEx reported earnings last night and will be on my list of stocks to watch.
Yesterday's low for many stocks will be the key level to watch for reading the tape today. Remember our job is to build "if-then" scenarios.
TODAY'S GAME PLAN
So for today, If stocks break yesterday's low, and then give a bearish reversal, it's time to look for a sell short.
If stocks trade above today's open price, then I will consider a long with yesterday's high as my first profit target. I'm not holding over night positions, so my targets are either yesterday's high or low, or the higher time frames show me a reversal.
In the video I show a profit taking example, and two examples of how to look for new entries to today if the market stages a big move (up or down).
Technology stocks traded strong yesterday. I'll be scanning for stocks in that sector above today's open price too.
For day trading, the first level to consider buying stocks is the open price. If stocks can claw their way back to yesterday's low and ABOVE, we could see a rally.
If you have any questions feel free to leave a comment below the video. OR you can send an email: Pete Renzulli [email protected]
Book mentioned in today's video: Tape Reading and Market Tactics
Have a great day!
Pete
Former hedge fund manager slams Wall Street in viral video
One bold former hedge fund manager just went on camera to expose how Wall Street is failing American investors right now. He’s boiled down what’s happening in the markets to just two words.
And he’s urging people to take notice. You’re not going to see the details of what he’s predicting anywhere in the news, especially not from the big banks on Wall Street.
