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Tech Breakdown, Small Caps In Range, Bonds In Descending Triangle and My New Hit List

by | Jan 17, 2024

We’re going to open lower again Wednesday morning, which will give us the chance to trade higher with a couple of stocks to start the week.

To be clear, I don’t like current price action at all, and it’s making me more and more bearish on where things are heading. 

We have retail sales coming at 8:30 a.m. ET — always an important datapoint — Federal Reserve Vice Chair Michael Barr speaking at 9 a.m. ET, and Industrial Production at 9:15 a.m. ET today. 

We also have earnings, earnings, earnings! Reporting this morning, we have Charles Schwab (SCHW). Then after the close is Kinder Morgan (KMI), Alcoa (AA) and Discover Financial (DFS).   

Back to the market, the bond market (TLT) is breaking down in a descending triangle. If bonds continue breaking down, the odds of the Fed lowering rates as soon as March will fall. 

Odds of a cut in the past few days, according to the CME FedWatch Tool, have fallen from 68% to 59.5% this morning. So this is something to watch heading toward the next FOMC rate meeting. 

I’ll cover all that and more in this morning’s “Premarket Must Watch” video!

In today’s all-new briefing… 

I’ll discuss why I’m increasingly bearish on the stock market… if bonds will break down or revert higher… if small caps will test the base again… if Volatility is ready to explode… the game plan for this morning… and my top hit list of stocks for the morning session!

Roger Scott
Roger Scott Trading

Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!

P.S. 3 Stocks Just Tanked: Now They’re on my ‘Gap to Green’ Hit List!

It’s a huge week because I’m launching my newest strategy that targets stocks that tanked overnight on bad headlines for potential double-digit reversal opportunities. 

I’ll be live at 1 p.m. ET TODAY, Jan. 17, and I’ll have a special treat for everyone in attendance: my top 3 “Gap to Green” stocks to add to your hitlist!

These three stocks all just pinged my scanner and look ripe for my “Gap to Green” phenomenon…

What does that mean, exactly? 

Well, it’s a swing trading strategy targeting some of the biggest stocks in the market for potential rebounds over just a couple of days. 

Get My Top 3 Gap Stocks to Target TODAY

WRITTEN BY<br>Roger Scott

Roger Scott

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