Tackle Today: Scanning for potential trades
October 7, 2020
≈ Are you ready if the market breaks out? ≈
Traders,
Markets are up in early trading as they shake off the sell-off in late trading Tuesday. Stocks sold sharply after President Trump tweeted out that he was ending stimulus talks Tuesday. But traders have shrugged that off – at least for now – as the President also tweeted, he wanted to see aid for struggling airlines, $1200 direct payments, and more PPP loan funding. It has been a back and forth 24 hours, but it is a good sign for the bulls that they can take a punch and quickly bounce back.
Whether or not prices break through key resistance levels on daily and intraday charts will be the focus of technical trader’s today. When prices are pushing near resistance, it is an important time to have your watchlists ready, and to build trading plans on the stocks you’re intending to enter into day, swing and position trades.
During tonight’s weekly YouTube special, Coach Tyler Craig will teach #TeamTackle how he scans for stocks. Tyler is a frequent author of the Options Report, where the team of coaches has compiled a list of bullish and bearish candidates for the week for our Pro members. He will walk you through his process of how to look for bullish and bearish picks that he brings to the weekend meetings. Every coach has their own process for scanning, so it is always valuable to be able to peak into one specifically and learn.
Whether this market can breakout and run is far too early to tell, but you should be prepared for any technical outcome regardless. Building your watchlists, like Coach Tyler will teach tonight, is a step you can take to prepare for any potential breakout.
#TeamTackle
Chart of the Day
S&P 500 E-Mini Hourly Chart
In late day trading Tuesday, the market sold off after President Trump tweeted that stimulus talks were to be called off. Through the overnight action and in early trading Wednesday, markets are back up showing resiliency.
Video of the day
Trading Basics: Finviz Scanning
In this tutorial, Coach Matt teaches how he uses a basic scan in FinViz to find candidates.
Traders Lounge 11 AM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
Coaches Show Replay
Halftime Report 12:30 PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.
YouTube Special – Covered Calls
Join us for a special webinar with Coach Noah at 7 pm EST on Covered Calls
Bear Market Survival Guide MMG 8:30 pm EST
Join our monthly mastermind on how to trade the Cash Flow Condors System.
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