The following is a FindLeadingStocks (advanced reports) update sent before Thursday’s (8.16.18) open. If you want to become a member, click here
Market Update: Support Is Defended
Wednesday was an important support day on Wall Street as all of the major indices successfully tested and bounced off of their respective 50 DMA lines. In Tuesday’s premarket update, I wrote, “…Stepping back, the major averages are still above their respective 50 DMA lines and that is the next big level of support to watch.” The key now is to watch and see if this bounce has legs, or, if sellers show up and send the market lower. After Wednesday’s bell CSCO gapped up after reporting earnings and before Thursday’s open WMT is on track to do the same. Those are two big stocks that are helping the market rally as we head into today’s open. As always, I want to see where the market closes tomorrow and will have a full report for you this weekend.
The FLS portfolio continues acting well. The service sold CRM for breakeven. If the market continues acting well there are a lot of strong stocks setting up (see below). Here is a snapshot of the portfolio as of Wednesday’s close:
The service owns:
ADBE +125.51%, ISRG +65.81%,
QQQ +8.82%, SQ +44.19%, AAPL +11.05%
The service will exit:
ADBE @ 207.12, ISRG @ 449.54,
QQQ @168.87, SQ @ 59.37, AAPL @189.32
There are no new working orders today
This was sent to our Active Trader members (if you want to join the active traders service, send an email to: website@ChartYourTrade.com) on Tuesday (8.14.18) at 11:51am EST:
8/14/18 @11:51am EST
If support is defended and the market goes higher from here (very likely outcome), here is a list of leading stocks that are setting up nicely to breakout (trading near their respective 50 DMA lines).
Leading Stocks Near 50 DMA Line
IPOs Trading at/just below 52-week high
Thursday Morning Reading – Here’s What Caught My Attention This Morning
- Markets Now: Dow Jumps 200 Points Because Talk With China Outweighs Turkey Turmoil
- Stocks making the biggest moves premarket: WMT, JD, JCP, BA, CSCO & more
- Walmart shares soar as earnings top expectations, boosted by 40% US e-commerce sales growth
- Movie theater stocks drop on report Amazon is going to disrupt their industry next
- Constellation Brands just dropped $4 billion on pot. Here’s why that could be a bum deal.
- JC Penney shares crater on earnings miss, lowered forecast
- Report finds traces of a controversial herbicide in Cheerios and Quaker Oats
- Musk’s Boring Company proposes Dodger Stadium passenger tunnel
- China and U.S. to Resume Low-Level Talks in Bid to Resolve Trade War
- Thai Central Bank Plays It Cool While Emerging Markets Worry About Turkey
- U.S. Mortgage Refinancing Lowest Since 2000, MBA Data Show
- Goldman Frets a Huge Shift in Italian Debt Market Is Looming
- The Billionaires and The Guru: How a Family Burned Through $2 Billion
- Inverted Yield Curve? No Problem
- Hedge Funds Are Losing Their Appetite for FANGs
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