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hey traders this is Ron hey downmarket Samer hope you're doing great and how a daily chart of the Q's the nasdaq-100 etf was down 2 + % $4 and we're back below the 5 day EMA however we're just playing a bunch of ping-pong here we got the 20 day EMA on the upside we got the 200-day SMA in purple to the downside that is an institution moving average you can see the spike in volume the reds are definitely beating the blacks the reds put down basil actually up days but net over the past couple days we're still sort of going nowhere fast overall what could be happening here is just either a trading range or I could even draw in a bit of a pennant if you will and say all right now we're just bouncing bouncing we want to see something of a breakout something above the red line something above the orange line which is the 50-day SMA or get below the 200-day once we get the breakout then we might have a new direction as a right now just choppy they look at the ESPY y whichever bullish position in it was down 1.4 percent today held the 200-day moving average if i zoom in a little closer you can see it we didn't actually even touch it and then if we go to the SPX they've finished essentially right on its 200-day and the same thing you know holds true here we have higher lows if you will there's that trendline and then just for argument's sake to make it look pretty I'll do that that's not exactly a great trend line but you see the point we're just shopping technically this would still be considered a bear flag candlestick pattern where this is the flagpole and this is the flag overall I still get bears the edge walking into expiration Friday tomorrow all right let's take a look at the DIA - diamonds down 1.2% again still above the 200-day but below the 5 day just chopping around and I had mentioned you guys previously that the fact that 22 EMA in red and the 50-day SMA in orange are both coagulating they're 216 a spike above that would be bullish on a closing basis and the target is up here so of all the major indexes this one is the cleanest to identify a breakout the upside if it happens the transports it lost 2.6 percent today pretty good volume as well if I'm if I go back let's do two years in the transports you can see some lows around 185 and then a whole bunch of 180 I would say at this point the technical target does appear to be low 180s that 180 area and if i zoom back in you can see how we how the transports tried to get above the 200-day moving average yesterday and then close the you know well below it and then we just rolled over again today or the 200-day moving average in purple we tried to get above that and then it rolled over so it need to get above the 200-day in purple and the 22 EMA in red to be a little more bullish on the daily and then you have the 50 coming in they got a lot of work doing the upside but downside looks like about 7 bucks or so technically um here is caterpillar they were down three point nine two percent they have earnings on the 23rd but I bring this in because if this support at 1:30 would fail to hold whether it's going to be earnings driven that sends it below their orbit just a sell-off the next major support 110 --is-- 105 ish it's a long way down here on cat so keep an eye out on this one the fact that we broke the 50-day you know a couple or last week or so that was a bad sign and then you just bear flag underneath it you can't get back above it and then today happens alright how about in NVDA and they reportedly were upgraded at Goldman but they convicts him by with a price target of 305 from what I saw stock was still down over three and a half bucks today if you assume a three old pride price targeting you believe Bowman you know it's 70 plus dollars $75 to the upside now NVIDIA does enter a seasonally bullish window and it's one of the stocks that we keep an eye on in q4 of each year we're bear flagging right at the 200-day moving average I'd be looking for something for a spike in volume a good spike in volume close near the highs of the day and that could be a potential mini buy signal something I might want to watch for and the next phase would be something to close above the 200-day well see if this thing wants to start to make a turn around right now it's just not doing really well in fact I mean if you think of it Tom we've only had one three up days I like the past well frankly the whole month it's been about three up days so I'll be watching in video here's p.m.
which is Philip Morris stock jump three and a half percent today despite the crappy overall market I will I said to you guys watch for earnings and hopefully we don't get like a gap up and then it just rips all day well we did have a little bit of a gap up and it did rip but then it came back down to finish right on top of or ten cents above its 200-day SMA in purple that institutional average so if we could close back about the 208 Amaro the gaff it would be the target almost up at one hundred so this one is still in play here for potential bullish trade idea um txt which is Textron this thing got hammered 11 plus percent there's a little bit of support here a little bit around 50 to 50 and then you're all the way down below 50 this one is not looking good at all this one so definitely a bearish bearish one there here is PayPal yearnings report was this morning and it traded lower it wasn't horrible but this is also considered a Bear Flag I know PayPal and square have been being eyed because of Bitcoin and stuff but there's more support around 70 about 10% lower that's why I want to put the pedal car get on that one another spot to keep an eye on here is Walmart despite the overall market selling off Walmart's just hanging loose if you remember back into August I said hey right above the 200-day moving average which is something I'd been watching for but we've coming right into earnings and the hope was the stock wouldn't gap up and take the potential gap fill off the table and that's exactly what happened so there was really no good high percentage trade idea there but since then it's just on this slow pause so two things I want to watch to see if the market bottoms and how Walmart responds if we aren't getting a surge in Walmart closing or the highs of the day spike in volume I would put the previous Hyatt on the table it's a really good relative strength right now versus the overall market and I want to see if it responds positively if and when the markets do turn around let's if folks wish you guys a fantastic rest of the day a great Friday and a super weekend ahead take good care
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