Market Update: The Line in the Sand
Editor’s Note: US markets close early at 1 p.m. ET today, and the Traders Agency offices are closed all day.
It was a short trading week with the Thanksgiving holiday on Thursday.
And I plan to keep this update short as well because I know many of you are still busy spending time with family and friends.
As expected, not much happened in the market this week.
We made it through midterms and earnings season without too much disruption, but the Nasdaq 100 is now facing a key resistance level…
The white dotted line on the chart above shows the “line in the sand” for the Nasdaq. This area has proven itself as notable resistance from below and support above.
Of the three major indexes, the Nasdaq is unquestionably the weakest. Tech stocks, which have led the market for most of the last 12 years, are lagging by a noticeable margin.
A breakout higher in the tech sector would be a strong signal that the selling may have finally peaked.
Stealth Trades Watchlist
Each of the names I put on last week’s Watchlist are still in play and remain on the Watchlist for this coming week.
Flex Ltd. (FLEX) and Enphase Energy, Inc. (ENPH) are both inching higher from clean base patterns. And Denbury Inc. (DEN) is trying to hold its ground.
I’ll have a new Watchlist for you on Friday, Dec. 2, and we’ll will dive deeper into what’s on my radar in Monday’s live Stealth Trades session at 3 p.m. ET.
Click here to view the full Watchlist!
But remember that not all of the stocks on our Watchlist are actionable…
When it’s time to make an official recommendation for our Trade Tracker, I’ll let you know on our Alerts page right here!
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Live Coaching Session
I hope you’ll join me on Monday, Dec. 28, for our next live Stealth Trades session at 3:00 p.m. ET…
We’ll cover all of our new stocks on the Watchlist as well as the rest of the stocks inside Stealth Trades.
You need to attend this session to get the most from your subscription!
In the meantime, you can watch the replay of our latest Stealth Trades session right here.
Best wishes for your trading,
Ross Givens
Editor, Stealth Trades
P.S. Click here now to claim TWO for the price of ONE with this limited-time deal.