The markets experienced another down day and this time it was across most major markets. As we can see, almost every major market was down as well as most of the futures.  This means that the market is in bearish short term mindset, breakouts won't last as long and breakdowns could be extended.  As I said in early this week, how the market reacts to this major pull back will set the tone for these summer months.  Of course, the news was the shooting in VA that included a member of congress, which always disturbs markets.  The major news was the Fed's meeting.  Caution is the word for the next week as the market determines a direction. The overall long term trend is still very bullish, however, the short term trend is down. Take quick wins and don't shoot for the moon. 

 

$AXON, Long >25.17. Very strong day from $22.62 all the way to $25.08.  One minor pullback at 24.50 that allowed a good $24 pullback entry. It faded off all day, closing at 23.31.  Will keep on watch for it to break $25 again, going long over $25.18, 52wH. 

 

$ATR, Short <24.15. Strong down trend continues. Broke through previous day SUP @ $24.65 then new 52L >24.45, falling to 24.15 before rebounding to close 24.60. If it stays underneath the previous days close then look for the downtrend to continue.  With this sold pierce of the 52L, next SUP isn’t until $22 then $18.

 

$CLDR, Short <16.75 as the down trend continues. Perfect play from watchlist last 2 days, with another strong down day. As I said in yesterdays watchlist, big earnings loser post IPO reminds me of $SNAP. If the market goes down you can expect this to go down. With volume this fade could continue. Its IPO was $15, it opened at $17.80, almost 15M shares. We are no below the open price, so basically everyone who bought this stock is under water.  

 

$ENDP, Short <$11, another big winner from Monday’s watchlist, as this opened red, and then bounced around the previous day low.  The last 3 days this had a morning panic, bounced and finished above the AM panic. If this dips below late day it could really come undone. Would look to reshoot the morning panic for 30c or so. As I said Monday, The chart shows support into the $10s so this won’t be a homerun. Look to cover into the 10.50’s then $10s. If $10 breaks with vol then this could really drop or if hits new lows in the afternoon. 

 

$ENZ, Long >$11. After two inside days, $ENZ broke out briefly for a 10c new high @10.85 before closing at 10.61. This is forming a bull flag towards $11 in a tough market.  Being above $10 is something the stock hasn’t seen in about 8 years so while not an all-time high its pretty close. After $11, look for $15. 

 

$ETP, Short <19.63. The heavy downtrend continues and with oil prices dropping big, this dropped. As I said Monday, this could easily go below $20.  Hanging at new 52wL, this chart did with mid $19s forming SUP after a failed bounce at $20, this is a major milestone not seen since 2015. With increase in volume as it tanks (today reaching >10M), the momentum is definitely in the short.