This is a Preliminary HPS watchlist because of the major sell-off this week and possible news that could be forthcoming. I will be putting out the official HPS list Tuesday night after we see how the market opens on Monday and Tuesday.
Wow a real volatile week in the markets. We closed on the lows and there was pretty much selling across the board. All this was due to the markets unable to clearly digest the potential news that could be released on many different fronts.
1. Trade War concerns and if China and other countries will retaliate in some form.
2. the S&P 500 has been beneath its 50-day simple moving average (2742) since Monday. It’s worth noting that the benchmark index finished Friday just a tick above its 200-day simple moving average (2585).
3. Technically speaking this week had had a negative bias on both the 60 minute and daily time frames, this completed today and with this now in a duel time frame buy zone. I will be looking for some sort of relief rally late Monday or Tuesday.
4. Wild Cards*** Stormy Daniels will be on 60 Minutes this Sunday with more distractions for the president, it will be interesting to see if anything new comes out of this. There are also other ladies that are showing up alleging affairs with Trump. This seems to be not a big distraction of yet but you never know what can come of it.
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