Few New Scalps / Swings for 2/2

Hello, Bulls.

Hope you had a profitable day.

There are a few things I’m concerned about on the SPX, but am overall happy with the slowing of the falling knife and decreasing volatility.

Take a look at this chart.  It’s a very basic daily, but it tells me a few obvious messages that keep me cautiously optimistic heading into Tuesday.

First, the volume – Not bad, but not boomin.  No clear reversal here.
MA100 Resistance – the SPX banged against MA100, but failed to get through.  Will it move through Tuesday?  I would really like to see that move to encourage more long trades.

Here are a few stocks I’ll keep an eye on tomorrow for a possible scalps and short term long swings (based on technicals only)..
CIGX – Banging against trendline resistance and near MA100.  The move was strong today, BUT on low volume. If we see a move through trendline and ideally, through MA100,  with volume, I like it for a scalp (possible swing).

RTK – This stock hasn’t moved in some time, but I’m watching it because of the horizontal and MA200 support.  I would love to see a breakout above 1.25 (target 1.75), but will definitely not hold if it falls under MA200.. really needs that support.  A good example of a company with a similar setup that failed was HTM.  Notice that the second it lost horizontal and MA200 support, it fell like a rock.  So, jumping into RTK might be ok, but I’ll have to watch it like a hawk.

DPTR – The volume isn’t there yet, but I like the triangle and collapsing bollinger bands.  Feels like a move is imminent. Possible quick scalp to 1.50.  If it moves through, I’ll likely add to position and swing with trailing stop.

ACAD – Even after the 8% move today, keep an eye on this one.  Just a hunch and less technical goodness.  This will be on my scalp list with target of 1.48.  Not really interested in taking this one for a swing.

ACLS – This is a possible swing trade opportunity.  I am a big fan of channels trading up like this… makes for easy ins and outs.  The in would be anywhere between the trendline and MA20 with a target of 1.80 or top of channel.  Stop just below trendline (I would likely stop at 1.44 at this point – subject to change).
GTN – Watching for move over trendline for swing.  If it gaps at the open, then I’ll wait to see if the trendline becomes support.  If it does, I could swing. 

That’s all I have for now.  I’m still going to protect cash and shorten my trades and tighten the stops. Today’s action was not a reversal by itself.  We need more confirmation.

Have a great Tuesday.



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