Welcome to the recap of Wednesday's MarketWatchers LIVE show, your antidote for the CNBC/FBN lunchtime talking heads. Listen and watch a show devoted to technical analysis of the stock market with live market updates and symbols that are hot.
Information abounds in our Monday/Wednesday/Friday 12:00pm - 1:30pm EST shows, but the MWL blog will give you a quick recap. Be sure and check out the MarketWatchers LIVE ChartList for many of today's charts. When you first arrive at the MarketWatchers LIVE blog page, you'll see a link to the ChartList in the upper left corner.
Your comments, questions and suggestions are welcome. Our Twitter handle is @MktWatchersLive and/or #mktwatchers, email is marketwatchers@stockcharts.com and our Facebook page is up and running so "like" it at MarketWatchers LIVE. Don't forget to sign up for notifications at the bottom of this blog article by filling in your email address and hitting the green "Notify Me!" button.
What Happened Today?
Well earnings happened and the FOMC meeting concluded just after our show ended. Those were two biggies. Tom took a look at a number of stocks that reported results either Tuesday after the closing bell or Wednesday in pre-market action. Some companies saw solid reactions to their quarterly results while others didn't. Advanced Micro Devices (AMD) was one company that beat both top and bottom line results and raised guidance. The reaction? A beautiful 4.61% gain, but a black candle at significant price resistance could put a halt to the short-term advance:
10 in 10
During his regular segment at 12:50pm EST, Tom showed how quickly you can review and annotate 10 stocks into a ChartList using the powerful tools here at StockCharts.com. Symbol requests were sent in by viewers on Twitter and GoToWebinar as Tom demonstrated how to use the annotation tool to highlight key levels of price support/resistance, trendline support, candlestick patterns, etc. Symbols reviewed today included BBRY, FCX, GME, ICPT, MRO, SHOP, XES, TEAR, TSLA and VRX. You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers LIVE blog page.
Greg's Commentary
Greg spent a great deal of time discussing many areas of the market including commodities, which Greg promised to discuss more of during Friday's show. Specifically, however, Greg ventured into the NASDAQ 100 Equal Weight Index Fund ETF (QQEW) and highlighted the fact that the Fund's SCTR score had recently dipped beneath the 75 "hot zone". Many previous trips below 75 have resulted in selloffs on the NASDAQ 100, so caution is the word. Here was Greg's annotated chart:
Agree or Disagree?
We took this segment north of the border today as Tom and Greg both chimed in on whether the Canadian Dollar ($CDW) has begun a long-term uptrend. Both agreed that it had and the following is a monthly chart that Tom used to drive home his point:
The current movement on this monthly chart is strikingly similar to the technical developments in early 2003, just before the Canadian Dollar went on a tear for five years.
Mailbag
There was so much to discuss that it didn't leave us a whole lot of time for mailbag questions. However, Tom did discuss the use of the Ticker Cloud that highlights the ticker symbols most requested by StockCharts.com users. While many of the symbols were the usual suspects like Apple (AAPL), Amazon.com (AMZN), Alphabet (GOOGL), Facebook (FB) and the like, there were many symbols that were not household names. By reviewing the ticker cloud, you can stay informed as to some of the potentially big movers that others are watching.
Looking Ahead to Friday
Greg Schnell will join Tom Bowley once again, returning with his expert commentary and filling in for Erin Heim. Erin is preparing for her wedding on Saturday and a honeymoon trip to Italy. We all want to wish Erin an awesome weekend wedding and a memorable trip to Europe!
Greg and Tom would love to have you join them....and be sure to bring your questions and be part of the show!
Happy trading!
