Welcome to the recap of Monday'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. Also, we're now recording MarketWatchers LIVE shows and archiving them until the next show starts - so for a couple days you'll be able to go back at your leisure to review. That will give you an opportunity to review parts of the show, or to review it in its entirety later if you were unable to attend live. CLICK HERE for a replay of our latest show.
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?
With Erin Wood in Europe for the final week of her honeymoon and Greg Schnell off today, Tom Bowley was flying solo and providing the market commentary and analysis for today's MarketWatchers LIVE show. Tom noted that the markets were off and running right after the opening bell, attempting to print a "trend" day. A trend day is one in which we see a gap higher to open, then see advancing prices throughout the remainder of the session.
Monday Setups
Given the pullback from last week, Tom had a slew of potential trading candidates/setups and he shared the annotated charts. Tom highlighted Universal Display (OLED) in his Trading Places blog. The following was one of the other setups that he discussed:
FireEye (FEYE) tested key price and gap support from early May and is now attempting to bounce. A return to recent highs is a definite possibility, while the support line near 13.75 can be used as a closing stop.
For all of the annotated charts, check out Tom's Trading Places ChartList by CLICKING HERE.
CandleStick Charts
One of Tom's "go to's" is his use of candlestick charts. Tom explained the basics of candlestick charting and he used a one month chart of NVIDIA Corp (NVDA) to help illustrate:
Tom then discussed a couple charts, explaining a few of the reversing candles that he uses in his trading strategies - hammers, bullish and bearish engulfing candles and shooting stars.
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 LiveStream 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 VHC, GIS, SKX, POT, BIVV, ELF, BTSC, NFLX, SPPI and HD. You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers LIVE blog page, or simply CLICK HERE. This link provides many annotated charts from the last two MW Live shows.
Looking Ahead
Greg Schnell returns on Wednesday to join Tom as they look at the market action and keep you up-to-date on the latest breaking technical news. They'll keep you posted as to key technical price levels that you need to be aware of as you manage your trading and investing portfolios. See you Wednesday!
Happy trading!
