Important Stocks To Watch - Breakout Stocks/ Important Developments
Is the Dow index showing signs of fatigue? Are there subtle signs of a rollover? Yesterday's small trading range may tell us that market participants are undecided and at the same time upward momentum has slowed down for the time being. It is good that at least we did not see a topping tail or shooting star which hints of a bearish short term reversal.
At these moments, it is good to analyze the major indexes objectively and ask ourselves is there any warnings signs that we should be aware of. While the majority of market participants either buy on rumors, tips, advice and hope, we as prudent market participants will slowly look at things and figure out things without any bias.
A bar by bar analysis and a zoom in into the smaller timeframes will give us hints to where the market is likely to go in the short term. For that, the 60 min charts of the index futures are very useful to help us find support and resistance areas. The 60 min chart is long enough to give slow traders or investors to make informed decision but it is not too short to blur us with noises in the market.
Looking at layers of support below in the smaller time frames are also very helpful to know where the Dow index, S&P 500 index and Nasdaq may bounce if there is any drop in the index.
To learn more about the 4 stages of the market read The 4 Stock Market Stages Every Stock Will Go Through
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