Stocks look to be taking a breather from the week’s big gains in the premarket hours, though, Housing Starts and Consumer Sentiment are important reports out today.
Housing Starts came out at 8:30 a.m. ET, with Consumer Sentiment coming at 10 a.m.
We got Applied Materials (AMAT) earnings this morning, which is a big semiconductor stock, and it’s down about 3% on poor numbers. AMAT hit its 100-day moving average and is now backing down.
Any stock that hits its 100-day MA and comes back down could easily be reentering its longer-term downtrend. So this is something to watch out for in any stocks you’re planning to go long on.
The S&P 500 is also coming up on a major resistance area around $565. If it clears that level, things could get really bullish — more on that in today’s video!
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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P.S. URGENT UPDATE!
We just went 10 for 10 on what I consider my hottest strategy of the summer.
And it looks like we’ll be targeting what could be the 11th win TODAY…
If you like the sound of a free trade idea, then you’ll want to join me at NOON ET today, Aug. 16!
Like I said, this wasn’t planned and I don’t think I’ll be going live with this again after today.
And of course, I can’t promise gains or avoid losses…
But you can’t afford to miss this!
The profits and performance shown are not typical, we make no future earnings claims, and you may lose money. The trades expressed are from backtested data in order to demonstrate the potential of the system, unless otherwise stated. From 12/16/2022 – 8/14/24 on live signals the win rate is 77%, the average return per trade is 12% (winners and losers) over a 9 day average hold time.
