After last weeks losses, a weak open on Monday left the S&P 500 down at its 100-day moving average, setting up what turned out to be a solid “turnaround Tuesday” bounce. It was strong action and helped the indices regain their respective 50-day moving averages, but they’re still the short-term descending channels that have been in place for about a month.
Seasonal factors continue to be a headwind and the indices are eyeing short-term descending resistance, so we’ve been playing things a little tighter. However, the long-term trend remains intact and the broader technical profile is still positive. This action has gone a long way in helping gobs of individual stocks work off some overbought conditions, and we continue to dig deep for actionable ideas to bring to our community.
Here are few for your consideration.
At the time of this post, RevShark had no positions in any of the stocks mentioned.
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