The Shakedown 7/23/18


At this point in the year, the range bound market should come as no surprise. The broad market is struggling at this $280 level which leads me to believe this resistance holds up for the time being. Of course that all can be negated with a strong move through the level. Coupled with the underlying weakness we saw Friday, it is definitely best to remain selective and tactical within this mess.

 

***KNOW WHEN THE STOCKS YOU'RE TRADING ARE REPORTING EARNINGS!!!

Click the pic above for a link to my Q3 2018 Earnings watchlist after the first full week of reports. It will be a very busy week with the bulk of companies reporting this week.

Click the pic above for detailed list of earnings

being released this week.

With financials showing great relative strength, JPM gave a nice earnings move last week. We want to see some continuation of that strength to break through the descending channel resistance at $112.

Trigger: $112

Stop: 109.69

Target: $118-120+

Hope to see you in the chat Monday!

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