Pegging A Pull Back: Profit In Any Market
After a monstrous three day surge higher late last week, the markets are pulling back today. How does one realize the markets are due for a pullback? How does a swing trader position themselves to profit from it? Simply put, use the technical levels of leading stocks to confirm the oversold market.
First, it was obvious to most on Wall Street that the markets may have needed a small pullback after such a rally into the Labor Day holiday weekend. However, it is prudent to always confirm this thought process by analyzing the charts of leading stocks. These leading stocks are Goldman Sachs Group, Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX).
Choosing two of these leaders, let’s isolate if their charts gave us a heads up that a pull back may be in order. When looking at the JPMorgan Chase’s chart it is an easy spot. Almost like Waldo without anyone else in the picture. Note the chart below shows a clear and simple gap fill after a three bar surge to the upside. Not only is the chart short term extended, but the gap fill will be a major resistance level.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
Read more at In The Money Stocks
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