Heavy selling in the stock market on Friday plus the Paris attacks seems like a perfect storm for another day of lower prices…
I don’t see the SPY setting up for another decline today. Many stocks are at support or had exhaustion type volume on Friday. Pro traders are planning for a push higher off the open, followed by a push lower, that will find a short-term bottom and then a light volume grind higher.
You may have some tough choices for new trades today if weak stocks find support. Weak stocks at support are not a buy. They would simply be a sell-short with less profit potential. Scroll down to today’s list of stocks to trade. Make a list of strong stocks so you are ready if the market bottoms out.
Stock Market Today: Map of the S&P 500
(click the map for a full view)
Day Trading Game Plan: The SPY ETF Outlook
SPY minor support and the 50 sma on the daily chart gives us reason to believe the first push lower in the stock market today will find buyers.
(click the chart for a full view)
Pete’s Notes:
- I don’t see a higher open as a buying opportunity today. I would wait for the first push lower to find support.
- GS pulled back to the 20 ema and the previous breakout level @ $190. Look for buyers to step in, next support is just below $188 if they don’t. Showing an island top, this is typically a reversal pattern (lower in this case).
- Casino stocks no in a well-established trading range, near support of that range.
- Footwear and accessories (UA, FL, NKE, SKX) and retail taking a beating, Oversold or at support, need a couple of days to consolidate the selling before looking for a spot to short-sell.
Charts in Focus
AAPL Apple Inc.
Institutions are speaking loud and clear concerning AAPL. They are selling.
(click the chart for a full view)
Stock Futures Lower After Paris Attacks | Stocks to Trade 11-16-15
Relative strength yesterday compared to the SPY negative change from the open: MYL, JWN, APC, WLL, HZNP, ETP, ENDP, TMUS, RRC, CLR, MNK, TAP, SCTY, RDC, CYH, VRTX, AER, AR, SLCA, MDVN
> 20sma, positive week and closed 2% higher from the open: MYL, TAP, VRTX
<20sma, negative last 5 days and closed 2% lower from the open: fit, jd, m, gpro, kss, hd, nke, dg, tgt, stx, ua, stx, utx, urbn, lulu, fl, paa, wynn, kate, wdc, hbi, bbby, gmcr, hcn, xon, adi, akam,
Bullish Ideas ATR/Volume/Price: FB, DIS, AMZN, TAP, VLO, WTW, PSX, GOOGL, CTRP, TSO,
Bearish Ideas ATR/Volume/Price: fit, jwn, vrx, m, gpro, qcom, kss, dg, tgt, stx, cvs, skx, lulu, wba, fl, ibm, cern, wynn, aet, avgo, scty, wdc, gmcr, bhi, hcn, nxpi, lvs, thc, adi, akam, mar, vmw
Weak Stock Weak Close: fit, orcl, twtr, m, bby, gpro, kss, gps, dg, tgt, stx, dltr, skx, urbn, lulu, fl, wdc, bbby, gmcr, hcn, akam,
Strong Stock Weak Close: AMZN, NVDA, FB, GOOGL
Weak Stock Strong Close: rrc, mnk, ar, etp, endp, scty, apc, mdvn, jwn
Strong Stock Strong Close: TAP
20 day Breakdown: csco, fit, kmi, m, bby, kss, ggp, dg, ua, adm, coh, urbn, lulu, cern
20 Day Breakout: ILMN, MYL, YELP
2x Normal Volume: GE, CSCO, MYL, FIT, JWN, M, BBY, TJX, KSS, ROST, NRF, TYC, UA, URBN, FL, ILMN
Watch List Longs: VLO, GE, PRU, DIS, JPM, BK, WFC, KLAC, DD, EBAY, MSFT, LUV, MGM
Watch List Short: adm, bhi, cvs, bby, axp, kss, wmt, tgt, m, akam, wynn, qcom, emc, lvs, ntap, t, low, vz, orcl
Inside days: cat, feye, pot, dvn, esrx, apa, cbs, mpc, sbh, ba, wtw, d, nov, aer, aem, tso, nsc, ftnt
