Stocks to Watch Sampler April 19, 2021
Which stocks does TurboTrading's Robert Knight suggest that traders watch on April 19, 2021? Written the night before, this valuable opinion piece helps those in the market prepare for a lively day -- and week -- of trading. This is just a sample of some of the stocks in the report. Members of TurboTrading receive the full report the night before each New York Stock Exchange trading day. Interested in the full report? Take a free TurboTrading 1-Week Trial. Keep reading for the free sample:
April 19, 2021
SPY: The index closed at new ATHs a gain on Friday. It remains at the top of the intermediate term channel up 15 of the last 16 days. Since we called the Powell/Yellen "Buy the Dip" in early March the SPY has gained over 12%. But all of the action is in the FAANG stocks and mega-cap stocks. We haven't really had broad market participation. But the trend is your friend and I wouldn't fight against the Fed. Look for markets to continue to trade to new highs.
NDX: The NDX also made a nominal new high on Friday. After making a V bottom, right hand extension pattern in March, the index has surged nearly 16%. Again, expect continuation for markets as money continues to flow into the big names.
DOW: The Dow traded to new ATH as well on Friday. With interest rates at the long end dropping, both growth stocks and value stocks are surging. The Dow is in a strong rising short term channel breaking through the intermediate trend. Look for the Dow to trade to 35000.
DJ-Transportation: Trannies made a nominal new high on Friday but closed down .07%. The Trannies remain in a strong rising channel confirming the new highs made by the SPY and DOW. This is a strong buy signal according to Dow Theory. Trannies are up against the intermediate rising channel line so may vulnerable to a pull back. But with world economies surging and vaccine rollouts hitting new milestones look for Trannies to remain strong.
IWM: The Russell 2000 ETF remains in a consolidation pattern. It is hemmed in by a declining tops line and coming into the apex of a wedge. $218 is the next support level. Markets would be in big trouble it IWM breaks below $208 area. It needs to get over $230 then $235. It does remain, at the moment in a strong rising channel. I think the next move is
up. Look for $250 and $270 as targets.
FAS: The financial sector ETF traded to new 52 week high on Friday closing up 2.3%. The ETF has now doubled (and hit our $100 target) from our swing trade earlier this year. It does remain in a strong rising channel. Look for FAS to trade to $115 and $125.
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