- You are here:
- Home »
- Today's Trades »
- SignalWatch – 4.24.17
SignalWatch – 4.24.17
April 24th
Good afternoon! To start off, thank you again for your patience last week. It was a fantastic trip to NYC and it was such a thrill to see the NYSE Floor and the Nasdaq in person. Along with a plethora of other things. A bit of humor though, one of the more popular pictures to take these days is to sit beneath the bull’s hind quarters and hold up silly signs. I did not partake, but I did find it funny.
As far as the market is concerned, this week got off to a strong start as the initial French vote rolled in as well as renewed hope in Trump’s promise for corporate tax cuts. The Dow wrapped up the day with a 1.05% gain, the S&P with a 1.08% gain and the Nasdaq joined in on the fun, racking up a 1.21% gain. In light of the bullish behavior seen across the market, tonight we are going to hone in on several bullish buy signals.
The first signal of the night is the tech titan, Apple.
WaveTrader is looking for Apple to continue higher.
Our first signal of the evening is on AAPL and comes courtesy of the WaveTrader 3 plug-in. AAPL has been cruising higher for months but has just recently pulled back to offer a new potential entry opportunity in the form of a higher low along support close to $141. Besides the broad-market rally, AAPL has been moving higher because its last earnings report reported its first quarter of revenue growth in over a year, prompting new enthusiasm in the House of Jobs. It reports next week, so this technical setup, while solid, should also be looked at with some caution because of earnings.
WaveTrader looks for the newest “waves” of buying or selling and aims to fire signals before the next move occurs. It is designed for swing trading, so if that’s your game, this tool was made with you in mind. Through a series of strict filters and systems, WaveTrader finds the newest and strongest higher lows and lower highs. If you’d like to know more, check out this post written by my partner in crime, Ryan Olson, that details everything you need to know about WaveTrader and how it fired this signal on AAPL.
Next on the list, Crown Castle.
A new pullback has been identified on CCI BY MS-16.
CCI reported its quarterly earnings this morning and it beat expectations. It pulled back though and finished the day down .86%. While that might sound alarming, we can see that CCI hit the break directly on support at $94.70. This is telling because on a day with so much volume if it was going to break either a major support or resistance level, this would be the day to do it. It also formed a new higher low which offers investors and traders new opportunities to get into new long positions.
As we can see, CCI has also been trading in a long and steady trend. This bodes well for its trend’s continuation. And MS-16 likes the recent pullback because MS-16 was built to find larger pullbacks in the strongest trends. The strategy looks for the pullbacks to generate new reversion moves that last for some time. If this move takes place, we could see CCI running back into the $97-$100 zone before the move is over. For more info, check out MS-16’s literature here.
Next up, QCOM.
QCOM could be ready to make a move up off of support.
So QCOM has been a bit beaten down over the past few months but it has put itself in a great position to attempt a bullish reversal. As we can see, QCOM found itself along this same support level last February and produced a solid short-term reversal move out of the setup. This is the exact same type of move we are looking for here. It is oversold on both the RSI and Bollinger Band indicators and its recent fundamentals look good too. QCOM reported solid second-quarter results last week with its shared earnings per share of $1.34, beating the analysts’ estimates by a significant margin. The companies revenue also grew and beat estimates as well.
The ACT2 plug-in fired this signal on QCOM. ACT works by using a series of filters and systems and a proprietary technology called Digital Signal Processing to determine the overall market mode (bullish/bearish) and which stocks are primed to take off with new moves when the market mode shifts. This makes sense in this case because we have a stock in reversal territory and the broad market had its best day in awhile today. Hence the new signal. If you’d like to know more, check out its PDF.
That’s it for this evening. Have a wonderful night and I will see you all back here tomorrow.
The products and demonstrations listed on this website are not recommendations to buy or sell, but rather guidelines to interpreting their respective analysis methods. This information should only be used by investors who are aware of the risks inherent in trading. Nirvana Systems shall have no liability for any investment decisions based on the use of their software, any trading strategies or any information provided through other services such as seminars, webinars, or content included in the SignalWatch website.
About the Author Ryan Belknap
Ryan has been with Nirvana since 2012 and has been manning the trading desk since Day 1. He was one of the founding members of Nirvana's Trading Lab and also TraderSource.com along with Ryan Olson and Russell Casperson. Ryan logged more than 3,500 hours trading and educating live in the Lab. He is also the lead author of SignalWatch.com. Ryan is a seasoned educator and has conducted numerous educational webinars and is an OmniTrader University instructor. Ryan prefers swing trading and position trading. Outside of the market, Ryan has passions for the outdoors, baseball, exercise, coffee, pop-culture and spending time with his family.