With 2 Indices Clearing Major Resistance, Watch Out For This Common Trader Pitfall

You want to assess as reasonably as possible where the stock might fall to and how much you are willing to risk.

So, try to stay away from arbitrary stops or risk levels if you cannot find a suitable price point of support.

Often when placing a trade, it can be hard to find a good risk level.

If you cannot find a good price level, sometimes the best plan of action is to pass on the trade and look for a security that offers a better risk to reward ratio.

There will always be another stock and money to be made when the risk and pattern set up is right.

Historical Stock, Securities

ETF Summary

S&P 500 (SPY) New All-time highs.

Russell 2000 (IWM) Watching for a second close over 50-DMA at 221.02.

Dow (DIA) 332.86 high to clear.

Nasdaq (QQQ) Needs to confirm bullish phase change with second close over the 50-DMA at 321.12.

KRE (Regional Banks) Support 63.44 the 50-DMA. Like to see this clear over 67.97.

SMH (Semiconductors) 258.59 high to clear.

IYT (Transportation) Holding near highs.

IBB (Biotechnology) 145 support. Needs to hold over 150.

XRT (Retail) Another doji day.

Volatility Index (VXX) Continues to break down.

Junk Bonds (JNK) Needs to continue to hold over the 50-DMA at 108.58.

LQD (iShs iBoxx $Inv Gd Cor Bd ETF) Filled gap to 130.06.

IYR (Real Estate) New multi month highs.

XLU (Utilities) Watch for this to clear and hold over 64.19.

GLD (Gold Trust) Nice comeback. Watching to clear 163.58 next.

SLV (Silver) Watching for second close back over the 200-DMA at 22.92.

VBK (Small Cap Growth ETF) 259.62 support. 282.66 resistance.

UGA (US Gas Fund) Holding over the 10-DMA 31.46.

TLT (iShares 20+ Year Treasuries) 138.66 resistance.

USD (Dollar) 93.69 next resistance area. 92.46 support.

MJ (Alternative Harvest ETF) Needs to hold over 23.

WEAT (Teucrium Wheat Fund) Inside day.

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