For the top Chart of the Dow, of particular importance is the 2 Support levels, Trendline & 200 Day, converging at perhaps around 16,375 area..if it should happen in the following days.
On the other hand, for the bottom Chart of the IWM(Small Cap Index), of particular importance is how in contrast to the Dow Chart, the converging levels this time are above the market and thus can now be considered a Key Resistance level..roughly at 114.00
When key trendlines and moving averages converge, they usually play an important role in either stopping a slide or capping any rebound attempt..Something to keep an eye on.
Anyway, as always, we wait for the market to show it's hand and then try and capitalize via correlations with individual entities.
That being said, we do have a few stocks on our radar that have held up nicely during the past week and our foremost on our radar for the upcoming week.
Either way, rebounds might not last too long so we'll also be working hard to lock in profits should we catch one of our many rebound candidates.
Just remember that in this present environment, the early bird truly gets the worm.
In other words, months of lackluster profits and even losses can be immediately erased by proper guidance and so that when real opportunity presents itself, as subtle as the signals might be, you’re able to act accordingly.
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We might very well be entering a new period of incredible opportunity................
The Stealthy Trader