I need to make subscribers aware of a typo I made in the 10:30 EST Update on the Networking Index Chart (NWX.X). A support level should have been identified as "715" and NOT "736."
Networking Index Chart - 60-minute interval.
Right after the opening bell, the NWX.X triggered a downside alert at 737 (61.8% retracement) and is getting very close to another level we wanted to be alert at near 715. MACD still looks weak and rolling lower. Be patient and keep an eye on stocks in this group. Here are some stock symbols that make up the NWX.X (ADCT, ADPT, ALA, CMVT, COMS, CS, CSCO, LU, NT, TLAB).
After a weak open, Oil Service stocks "bust a move"
It's a group I'll continue to update, just so subscribers understand there are stocks they can trade bullishly in something other than technology stocks.
Oil Service Index Chart - 60-minute interval.
MACD on the above chart indicates that the OSX.X might be running out of some steam short-term, but is starting to edge higher. Our bullish target of 138 is still in reach. Bullish traders that got long this index, or stocks within it back on January 30th near 123, are looking good. Current levels represent an 8% gain and that's not bad for a few days work.