The Shakedown 1/6/19

 

Bounce back

The market has shown us some decent action since the 26th of December when an intermediate bottom was put in place. Friday's bounce back on a strong December job's report after a weak Thursday session (thanks to AAPL cutting earnings forecasts) suggests a short term, technical bounce is in store. Many charts are setting up for support type buys so I focused on the best looking ones in this newsletter. Overall, I would expect a bounce into a previous support area as the market is still within its longer term downtrend. Its imperative we remain open minded as we're still in a very news driven market, which has been dropping at the most random times.

Selectivity is quite key. 

COUP Long

There are a lot of setups out there this week, so it was more difficult than usual picking out my favorite. This COUP beat out the other charts due to the opportunity still available in the chart. Textbook moving average consolidation suggesting an expansion soon, matching up with super tight price action in the form of the daily consolidation. 

Trigger: $64

Stop: $62.49

Target: $72-78+

On the app front, we've been battling it out with Apple and their terms and conditions, so we're anticipating the app to drop this week (fingers crossed). 

I only included about 10 or 15 charts here but there are so many out there of charts with potential the watchlist this week is a bit bigger than usual, so look out for that in the next email.

Hope to see you in the chat Monday!


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