Trade Ideas: DSW

Another non-event day. Only the Russell 2000 showed signs it could break channel resistance (and generate an important breakout). The Trade Ideas scan was buoyant enough at 2 minutes for 8 stocks. Coming in at 32 appearances for the day was DSW Corp. (DSW) - one of the few stocks to break the 20 appearance barrier.

DSW trades a channel within a channel as the stock prepares to test $41.94 resistance. Stops can go on a break of the reaction low which also marks the most recent (successful) test of the 50-day MA. The point-n-figure chart holds to a target of $61, but is neutral for a price pattern.

DSW, Inc. distributes and retails branded footwear in the United States. It offers a selection of brand name and designer dress, casual, and athletic footwear for men and women. The company also provides complementary selection of handbags, hosiery, and other accessories. In addition, it operates leased shoe departments for three nonaffiliated retailers and one affiliated retailer.




If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.


Popular posts from this blog

S&P "Bull Trap"?

Image
I thought there was sufficient evidence to argue against a "bull trap" in the S&P, but it would appear the market wasn't interested in such thoughts and sellers were quick to reverse the initial push above 4,200.  Adding to the pain were new 'sell' triggers in MACD and On-Balance-Volume, although the former occurred above the 'bullish' zero line, making it a weak signal. Selling volume ranked as distribution as selling momentum picked up speed.  The index is also underperforming relative to the Russell 2000. 
Read more

"Black Candlesticks" are a concern for the S&P and Nasdaq

Image
A bright start for bulls on the back of positive $NVDA earnings wasn't enough to generate a day of meaningful gains.  However, it did help stall the losses of the last couple of days. The Nasdaq was the biggest beneficiary of today's action, but not enough to see an end-of-day finish that cleared last week's swing high, nor delivery of a large white candlestick, despite the morning breakout gap.  Technicals are net bullish and relative performance against the S&P has become consistently stronger since the start of May.  While today's candlestick I would view as typically 'bearish', today's volume ranked as confirmed accumulation (bullish). Overall, I would be looking for higher prices from here. 
Read more

Round 2 for the bearish "black" candlestick in S&P and Nasdaq

Image
The Nasdaq started brightly but ended up closing below its open price, but above yesterday's close. The S&P did something similar, although the intraday range is narrower. These two setups are somewhat complicated by the new 'buy' triggers in On-Balance-Volume for both the Nasdaq and S&P. And the new MACD trigger 'buy' for the S&P. Price action is key, so I would expect the candlestick to trump the technical picture; watch for lower prices tomorrow.
Read more

Archive

Show more