Trading Ideas for today – BABA, MCD, APPL. and GOLD
US MARKET AT CLOSE
| DOW JONES | -286.50 | -0.86% |
| NASDAQ Composite Index | -58.93 | –0.49% |
| S&P 500 | -29.53 | –0.49% |
| RUSSEL 2000 | -20.472 | –1.18% |
Market can find temporary support amid Apple earnings?
- Anther red day closed lower 286. points yesterday
- Mega cap stock apple can provide some temporary relief!
- Short term trend is down
- Medium term trend on chart is still sideways
- We can see some short term support around 32850 to 33100 range
Apple 170 levels to watch for breakout!
- Apple stock may rise amid good earnings
- 170 is big resistance weekly basis
- If it doesn’t close above 170 today, it could be a Contra play for short!
- Market sentiments are weak, watch for volume and option flows!
- Watch 164 level if day close below it can head towards 140
Gold is ready for multi year breakout!
- We have seen positive action is gold lately and its holding near all time high
- Gold trend up on all Short and long term charts
- Weekly close above 2050 would be highly positive for Gold
- Watch Price action during the and economic news flow.
Baba can bounce back before earnings?
- Contra trade in BABA as some short covering expected before result
- It started reversing from strong support, around 80
- Potential target is 88 to 90 in near term, with SL 80
- Watch for volumes, it should increase with price
McDonald’s showing signs of fatigue, can be short here?
- All news and earning play is done in MCD
- There is big divergence in RSI
- Can be shorted with strict SL 299 at close
- Potential target is 290 1st and 281 2nd
MARKET MOVERS/ STOCKS IN FOCUS