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Look For The Market To Catch Its Breath This Week

Adam Hewison - MarketClub

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After last week's shellacking, I expect the markets to regroup and get used to a another level of trading. I do not expect to see this market rebound dramatically like it has done in the past. If one looks at the NASDAQ index on a weekly close basis, last week's closing price was the lowest level since January 26th of 2015. That does not auger well for this index in the future.

The key to remember this week is not to get overly excited and to stay disciplined. Give the market some room and time to sort out what it has to sort out and then be prepared to make your move.

Here's how I see the big picture, crude oil continues to be in a bear market and I have targeted the $28-$30 levels on the downside for now. Gold is trying to make a turn to the upside which is a reflection of everyone's nervous state about the economy and about liquidity in general.

There are however two well-known stocks that are in a true bear market. They are Apple Inc. (NASDAQ:AAPL), Under Armour Inc. (NYSE:UA). You can use the weekly and the monthly Trade Triangles to help you determine a market's overall trend. If they are both red, the market is in a bear trend. If they are green, you are in a bull market. If the weekly and monthly Trade Triangles are different colors, you are in a trading range.

In today's video, I will be examining the usual suspects along with one or two that I found to be pretty interesting. There are a couple of major stocks at support that could provide a good buying opportunity with little risk.

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