Watchlist Weekend

Market Posture:

The overall market, including the three major indeces (Dow, SPX, and Naz) are long term bearish, intermediate term bearish, and short term bullish to neutral. The indexes may be in the process of working through an intermediate term bottom. I would put the statistical probability at about 65% that this area on the markets is an intermediate term bottom. You can see from the candlestick charts on the Dow, SPX, and Naz that it appears that the bulls want to hold the lows from the past several weeks. It may be that the market puts in a mini Double Bottom in this area. I included line charts on all three indexes to show the semi fragile nature of that Double Bottom, however, it's still holding up for now.

Tomorrow is light on earnings and economic reports, so outside of a bad news bogey I'm not looking for an extreme move. I'm speculating on a possible Drifter Day where the markets drift up a bit and tighten the daily range a bit. For that reason I'm looking at a list of potential bullish movers tomorrow, whether it's the index ETF's or the stock watchlist below.

First the major index charts.....

Here is a chart of the Dow:
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Here is a line chart of the Dow:
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Here is a chart of the SPX:
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Here is a line chart of the SPX:
(click on image to enlarge)


Here is a chart of the Naz:
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Here is a line chart of the Naz:
(click on image to enlarge)

Here is a list of potential bullish movers tomorrow. I have a broader list than this, with a few more sectors, but I'm more focused on these charts than any others for tomorrow.

Here is a chart of NIHD:
(click on image to enlarge)


Here is a chart of ERTS:
(click on image to enlarge)


Here is a chart of AAPL (two notes: the first is that there is a data error on the chart - AAPL's low on Friday was 97.00 and not 86.00, the second is that earnings are on Tuesday):
(click on image to enlarge)


Here is a chart of BNI:
(click on image to enlarge)


Here is a chart of BTU:
(click on image to enlarge)


Here is a chart of NUE:
(click on image to enlarge)


Here is a chart of TGT:
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Here is a chart of GR:
(click on image to enlarge)

I'm looking for volatility to increase again on Tuesday as the earnings reports come flooding back in to the market. We are also inching closer to election season. We will probably need to see positive earnings on Monday evening and Tuesday morning for the Double Bottom to hold up and carry through. For tomorrow, I speculate the best case scenario for the Bulls is a run back up to the resistance zones I indicated on the charts. As always, we shall see.....