Signal of the Day - May 3rd
Good afternoon folks! I hope all of you had great days and that you were all on the right side of the market. As for the market, the indexes closed mixed on the day, with the S&P 500 dropping .13%, the Nasdaq lost .37% while the Dow turned the tables and snagged a small gain of .04%. Today was also one of the biggest days of the earnings season, with over 500 companies reporting today. Tomorrow will also be heavily driven by earnings data with over 400 companies reporting. Click here to see the full earnings schedule.
As for tonight’s signal we are going to be looking at a brand-new SqueezeTrader signal on NAVI.
For our first signal, we are going to look at NAVI with a signal fired by our brand new SqueezeTrader module. As we can see, NAVI has been in a decent trend since March and is now forming a new higher low. But the most important and interesting thing we are looking at in this case is the squeeze play which is denoted by black horizontal lines on the chart. What happens is bulls and bears lock up on a security and the price goes into a “squeeze” if you will. Energy becomes pent up in the battle of conflicting sentiment, which we are seeing now. One side will eventually win the day and the following move can lead to an explosive move.
If NAVI sees the bulls defeat the bears, we could see NAVI make a surge into the $16 zone. Look for increasing amounts of volume for further confirmation.
The products and demonstrations listed on this website are not recommendations to buy or sell, but rather guidelines to interpreting their respective analysis methods. This information should only be used by investors who are aware of the risks inherent in trading. Nirvana Systems shall have no liability for any investment decisions based on the use of their software, any trading strategies or any information provided through other services such as seminars, webinars, or content included in the SignalWatch website.