The UK Parliament is back in session, with their attention not focused on Brexit, but at least at the moment on beating up Government Ministers over why they advised what they advised that led PM Johnson to think he could get away with suspending Parliament for 5 weeks.  The other major news overnight was the US Congress beginning a formal Impeachment Inquiry against President Trump (although that was expected). 

Overnight Asian and European markets followed the lead from yesterday’s US markets with bright red numbers across all major indices.

Today’s economic news is limited, with Aug. New Home Sales at 10am and US Oil Inventories at 10:30am.  I’m not so sure either of those will make any splash against the backdrop of political news and the bears taking control of charts the last several days.

As of 7am, US futures are pointing to a small continuation of the Bearish move.  The big boys (Dow and S&P) are pointing to a 0.10% and the NASDAQ a 0.25% gap lower.

The charts tell us the short-term trend is clearly bearish, with the all 3 major indices showing failing spectacularly after a strong bullish gap up at the open.  They ended up printing bearish continuation signals across the board Tuesday. In the process, the QQQ also gave up the 50sma as potential support.  However, if there is a ray of hope, it is that the SPY and IWM both tested and held their 50sma yesterday…and if you might say we tested the area of the 50sma and held it in the DIA. Can that support hold is the key question?

The bottom line is that it is very hard to swing trade these markets until we get less whiplash and range chop and more of that good old consistent trend action.

Ed

For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. Long: AIZ, ARMK, CCJ, DE, ES, EXC, JACK, UNM. Short: EGHT, QSR, SBUX, CDNS, YUM, CTAS, TWLO, VRNT, MA, ACN. Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

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