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Daily Stock Market Analysis June 15 2017 Thursday

The indexes look weak at the moment in the shorter time frames. Although the Dow and S&P 500 is in a long term uptrend, volatility is expected in the shorter time frames. For the trader, it does not really matter which way it goes. A break above a box or below it will tell us what to do. Long or short. The trader reacts rather than predict.

Nasdaq is under considerable pressure and looking at the futures chart, the indexes will most probably open lower. However, do keep in mind that the QQQ is near its rising 50 day moving average. This 50 MA has been able to keep the QQQ from dropping the last two times.

I try to cover all time frames from the long term to daily to 60 min and the 15 min and 5 min charts. Each time frame will need a different type of action depending on what the trend is at the moment. I have learned to ask people back what time frame they would like to know when they ask me to analyze a stock. That's because different people have different thinking and time horizons. But in summary long term is still up, mid term is ok, but short term is not very good especially for tech stocks.

With that in mind, let us have a look at what the charts are telling us.

For those of you who are wondering what the pink zone, red zone and white zones are. Its just a simple trend following method that I use. I use the 20 MA and the 50 MA to help me filter out when is a good time to long or short stocks. Then I look at the trade setup to enter or short the stock. To know more about this trend following system I use read How To Avoid Huge Losses In Stocks And Maximize Profits Using One Simple Stock Market Trick.

Generally, when the stock is in the red zone, it means don't long in that time frame. On the flip side, it means it is conducive to short. But of course, the entry will be based on the trading strategy setup.

Here's the summary of what the charts are telling us:

  • Long term health of the general indexes are still good
  • Short term is not very good especially for tech stocks
  • Gold might be starting a new downtrend in the 60 min chart, have to see which way it breaks out of the box for more confirmation
  • Oil is still in a 60 min downtrend and we remain bearish on it till the charts tell us so
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