What a difference one speech from a non-voting FED official can have on market sentiment.
ALGT closed up yesterday and continues to find support at the 9-day SMA. The MACD continues to be moving under its signal line.
APD closed up 1.30% and the RSI finally moved above the 50 level which gave us a good entry point at 288.35 which is right above the 20-day moving average and now provides a support level. Utilize appropriate risk management utilizing stop limits to preserve the paper trade gains.
SKX had a full candle close above its 9-day SMA on Wednesday and above the 50=day yesterday which provided a nice entry point above this level at 45. SKX is trading above all the moving averages. We would want to see more strength in the MACD as it has just a slight cross above the signal line yesterday. There is some room to the upside with a resistance level at 48.48.
These markets are still trending downward since the 2nd of February so if you are paper trading, use stops to take gains and/or reduce your potential losses.
Have a great day! This information is for educational purposes and is not a recommendation to buy or sell a security.
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