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[Platinum Watchlist] (8.17.23)

[Platinum Watchlist] (8.17.23)
August 22, 2023

Good morning. 

Market futures are up slightly this morning as the Dow Jones closed 180 points lower on Wednesday, while the S&P 500 fell by 0.7% and the Nasdaq dropped a sharper 1.1% as markets digested minutes from the latest FOMC meeting. 

The only stock on the watchlist is BSX which closed down yesterday below the 20-day EMA which will act as resistance. Support will be around 51.11. Cost basis is 51.03 so sell limits will need to be placed above that level to defend our slight gain of $0.43 / share. The RSI is below the 50-level telling us momentum is weak. If price action can move above the 20, the next level of resistance will be at the 50-day SMA at 52.36. 

Broader markets as demonstrated by the S&P 500 & Nasdaq closed below their 50-day SMA for the second day in a row. The DJI continues to trend in a downward channel, although price action is still above the 50-day SMA. All three indices are trading below their 9-day SMAs with all the oscillator in the red including the MACD. 

The 50-day SMA is a popular technical indicator that is used to smooth out price movements and identify trends. When a stock or index closes below its 50-day SMA, it is often interpreted as a sign that the trend is turning bearish.  

When the MACD line is below its signal line, it is considered a bearish signal. This means that the short-term trend is in a downtrend and that the security’s price is likely to continue to fall. If the MACD line continues to stay below its signal line, it could be a sign that the markets are in a more prolonged bearish trend. Investors should monitor the markets closely and should be prepared for further volatility. 

Swing trading is about discipline and patience. It’s hard to not be in the market for FOMO. This is why we have trading guidelines to minimize the emotional side of trading which tends to get us in the most trouble. 

This information is for educational purposes and not a recommendation to buy or sell a stock.

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