[Platinum Watchlist] (2.21.23) 3 stocks we are watching!

Good morning.  

We have a shortened trading week, and the futures are currently down around 1%. The FOMC meeting minutes are going to be released tomorrow and the market is still hoping there will be some small about of information in this report that the FED may stop rate hikes this year and may even start to reduce them. This is despite the fact several fed speakers have not endorsed this concept.   

Today we are going to manage the current portfolio.  

ABBV will need to keep support at the 200-day SMA to keep from getting stopped out.  

PEP will need to keep closing above the 9-day SMA before getting stopped out with resistance at the 50-day SMA.

GD has shown some promise and we are still waiting for a full candle close above the 9-day SMA for price action confirmation.  

The market (SPX – S&P 500) has been in a downward trend. In yesterday’s video I talked about the term “The Trend is Your Friend” and how traders should not try to fight the trend.

This is a time as swing traders we remain patient, manage our positions and wait for set-ups that give us the best opportunity for success.   

Have a Great Day!  This information is for educational purposes and is not a recommendation to buy or sell a security.