Markets were volatile yesterday, moving in a wide range. Stepping back and looking at the weekly charts, we can see there is no change in the trend which is still down to sideways. We still need to see evidence that the trend has reversed. As a result, it is prudent to remain cautious. Based on this, I am looking at building some watch lists over the next two weeks of stocks to consider. It is important to understand that these are not recommendations, but rather, stocks whose technical patterns show some potential for either a short term swing trade or longer term position trade. However, further research is necessary, and if you are considering any of these, please do your own due diligence.
Canadian Stocks: BMO.TO, RY.TO, SCL/A.TO, ABX.TO, OTC.TO, FAP.TO
US Stocks: MVSN, CERN, LIFE, DRI, ARST, RHT, NUAN,LMDIA
In addition, I will we looking at the ETFs, and will continue to track the QQQQ, SPY, DIA, IWM
As of this writing, futures are negative and the DAX is negative, indicating a negative open. Market condition scans are showing a bias to the downside with the overbought scan still showing high numbers. Market bias indicators are neutral along with the market stochastics, which remain in the middle. Once again, we are getting signals that suggest trading conditions are far from ideal, and it is more likely we will see the market slipping downwards or remain flat for the next few days.
| Index | Change | %Change | Level | Phase |
| TSX | +124.17 | +1.44% | 8720.39 | Recovery |
| DJIA | +86.90 | +1.16% | 7608.92 | Bearish |
| Nasdaq | +26.79 | +1.78% | 1528.29 | Recovery |
| SP 500 | +10.34 | +1.31% | 797.87 | Bearish |
| Russell 2000 | +6.78 | +1.63% | 422.75 | Bearish |
| NYSE | +79.93 | +1.63% | 4978.98 | Bearish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral to negative bias
Energy: Weak, low activity
Primary Trend: Remains down
| Sector | Phase |
| Consumer Staples | Bearish |
| Healthcare | Bearish |
| Technology | Recovery |
| Utilities | Bearish |
| Energy | Bearish |
| Financials | Bearish |
| Industrials | Bearish |
| Materials | Recovery |
| Consumer Discretionary | Recovery |
Source: Telechart
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