News:
Markets snapped a four-day win streak yesterday. If you looking for a reason I don’t have one for you.
Stocks go up and down, but the positive bullish trend is still intact.
The market is always forward-looking. It’s not pricing in what’s already happened. It’s pricing in what it thinks will happen in the future.
Technicals:
Markets still look generally strong.
The SPY did reach overbought on my RSI reading, but yesterdays selling put it back in neutral territory.
As you can see from today’s chart just because a chart is overbought doesn’t mean it can’t go higher.
My bullish theory remains intact.
The Russell 2000 dropped back below resistance. I’m focusing on individual stocks still. They hold the best opportunities at the moment in my opinion.
Timing:
It’s the last day of March and new unemployment filings numbers are due out at 8:30 am.
Tomorrow we’ll get the monthly jobs report to kick off the new month.
April is the last of the best six months. Historically “November through April” outpaces “May through October” 470 to 1.
April is the best month for The Dow Jones and the S&P 500, but only the third-best for the Russell 2000 and the Nasdaq. So I’m not willing to place a strong bet on the Russell right now.
Watchlist:
*Low Float
^Open Position
^*SGLY profit target $16+
*HMLP has resistance at $48
TRVI has resistance at $2.50, support at $2.25
FLNG has support at $26
EIGR has resistance at $10, support at $9
^NEXT has support at $6
DLNG has resistance at $4.25, support at $3.75
PLAY has support at $48
^GME has resistance at $200
CRK key level is$13
^LXU has support at $20
^BBBY has resistance at $25
^GLNG has resistance at $25