Thursday March 26th
DJIA – The DOW closed above the 10sma, but it sold off into the close. If we have a dcl , this could run toward the 50sma for the next 10 days or so . If it is an ICL, we would have 2 daily cycles higher.
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SPX – The S&P closed above the 10sma also. It sold off late day too, so I am asked if that is the end of the rally? The answer is no, it does not have to be…
HERE IS AN EXAMPLE: CGC
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CGC – Notice when CGC started to run above the 10sma, it sold off into the close every single day, but still kept going higher. That is what happens when we see ‘profit taking’. Some people lock in their gains after a good day, but it does not mean that buyers wont be there the following day ( or short covering) .
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UPRO – So UPRO is a leveraged Buy, use a stop.
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UDOW – And UDOW is a leveraged buy, use a stop.
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WTIC – Oil didn’t have a big reaction to the release of the oil inventory report, and did not move above the 10sma. As I mentioned, some OIL / ENERGY Stocks look to be possibly bottoming. Even when OIL broke to new lows, some stocks held up, so…
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XOP – The XOP chopped sideways and broke above a down trend line & the 10sma. It could pop or run from there, so I will discuss just a few stocks at the end of the report.
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From Mondays GOLD action: I STATED : This was a big day and it pushed Gold to close above that 10sma. THAT should be a dcl in place. We should be able to expect Miners to move higher now too. EDIT: AND THE MINERS ARE MOVING HIGHER NOW TOO.
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GOLD – Gold sold down $27, but Miners were still green trying to catch up. This should be day 7 and Gold almost broke to new highs already after a monster crash.
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SILVER FROM MONDAY – I was pointing out areas that might ‘stall’ silvers climb. Resistance levels with the first one being at $14.50 resistance
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SILVER MARCH 25 – So when Silver hit that $14.50 are and stalled Wednesday, we should not have been surprised.
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GDX – Now GDX is approaching a resistance area too. Will it also stall, or can it break through like Gold did?
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GDX – If it stalls we could see a normal pull back, even filling that gap at the 10sma.
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NEM – I do want to point out that I think that GDX could just break through, because many Miners already have.
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GOLD (BARRICK) – Barrick broke above the 50 & 200sma too.
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AU – AU easily sliced through and almost reached the highs. It also broke & recovered the uptrend, so this looks bullish longer term.
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GFI cut through the 50sma Wednesday too. It is possible that GDX could do the same, but it may depend on whether or not GOLD is higher or lower.
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I have a few other ideas below, Enjoy your Thursday Trading
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~ALEX
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CDE – I have been pointing out some of the Miners that are well off of the lows, but they haven’t really had that strong ramp up higher. They are still lingering at the 10sma, and they can be bought with a stop close by. CDE can be bought here.
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SSRM -I also posted this in the live area yesterday as a buy. There were more in yesterdays report, so you can look through your list and find some ‘laggers’ too.
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MUX – For example, look for Miners set up similar to MUX.
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IF OIL BREAKS HIGHER, USE A WATCH LIST FOR POSSIBLE OIL TRADES IF YOU ARE INTERESTED:
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MRO – I looked over some Oil / Energy stocks and a few really do look bullishly set up. This is a tight consolidation with a rising RSI & MACD. Notice how very oversold the stochastics is.
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ERF – The potential on some of these is great, even if it just puts in a bounce as shown. ERF tried to break through that 10sma Wednesday.
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HLX did break over & close above the 10sma. It is also very oversold and used to trade around $9- $10 just a month ago.
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NOG – SOME ENERGY STOCKS ARE RESISTING SELLING & LOOK READY TO POP. THESE TINY MOVES ARE REALLY BIG. This was UP 17% and can move a lot higher if Oil bounces.
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FROM MARCH 24th : WTI – This tiny pop from a higher low on the 10sma was 17%. These stocks might really POP %-wise. They are still very oversold.
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WTI – It moved a little higher Wednesday too.
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MJ STARTED TO MOVE TOO, and even before the Markets bottomed.
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CGC – CGC bottomed near $9 and bounced to $14 in a rather steady move higher. SO I ran through a few of the other charts like HEXO, APHA, TLRY, etc…
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TLRY – TLRY was right at the 10sma when I bought it near $4.55 and grabbed this chart and posted it in the live area. Almost immediately it ran another $1 higher to $5.50 and then sold down to $5.10, so THAT is how fast these move( In both directions). I still own it, read the chart.
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When OGI got above the 10sma, it popped about 20% to the down trend line and then sold off a bit. It may be getting ready to break out and run.
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TECH & SEMIS:
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FROM YESTERDAYS REPORT: SQ – This is popping fresh out of the lows, along with HUYA, TWTR and a few others. It may be an indication that the lows are in place, and these can be bought since they look to be finding buyers ( or short cover). Wednesday saw SQ pop to almost $60 and then sell off, but it is still at $52, so it can still be bought.
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W – I grabbed this chart right at the open Yesterday. WAYFAIR then closed that gap and moved back up to above $50. The volume is good, they may do well with online sales during the virus pandemic, so Wayfair and ETSY can still be bought as a trade.
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ETSY – You can see that ETSY is recovering quickly. As an online retailer, they may also do well under the current environment. $30 to $40 is over 30%, but this can run to the 50sma at $50 or even higher. It remains very oversold.
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BYND – Beyond meat had that amazing run from $25 to $240. After selling off and forming a base, it broke down with the recent sell off. It is oversold and even though that looks like a small bounce that can run higher to $100, Let’s zoom in …
BYND – That was actually a pretty big bounce of $48 to $80. It may just keep running, but with yesterdays doji, it also may drop to the 10sma as a nice entry to buy. You could also start a small position here and see if it runs higher, and just add if it drops to the 10sma. 
Suddenly after a long sell off without any good ‘long set ups’, there are set ups popping up everywhere . Run through your favorite list of stocks from the bull run and see if they are set up similarly . UBER, TWTR, WORK, CRWD, GRPN, VJET, HUYA, AMD, MU, etc etc We may be in for a multi week bounce, if the markets just put in an ICL. If we experience another sell off, your stops should protect your gains.
