Stock Setups & Trade Ideas 10-19-17

We finally saw a mild gap down and a shakeout this morning after a long stretch of quiet trading, but what little selling pressure there was did not even maintain throughout the entire day.

The QQQs led us lower, finishing down approximately -0.37%, but well off the lows of the day, the IWM nearly flat, and the SPY flat.

I continue to remain most suspect of the $QQQs out of the all the major indices, but for now, bulls remain very much in control of these markets overall.

Here are some individual stock setups that are offering up some interesting looks,  shared on Stocktwits & Twitter earlier today:

(double check earnings dates)

Red across the board.


Weibo still a bit vulnerable here, but finding a bounce at prior September lows. Worth keeping an eye on $WB

— Evan Medeiros (@evanmedeiros) Oct. 19 at 11:19 AM

Lennar back to top of range, trying to clear above recent highs $LEN

— Evan Medeiros (@evanmedeiros) Oct. 19 at 11:15 AM

Update: we did get long some long $LEN into the close.

multi-day bullish engulfing bar in the works for Paccar $PCAR , shame ER is 10/24

— Evan Medeiros (@evanmedeiros) Oct. 19 at 11:12 AM

Early, but nice looking outside reversal candle in the making for Summit Materials. $SUM ER 10/30

— Evan Medeiros (@evanmedeiros) Oct. 19 at 11:10 AM

Atlassian also closed with an excellent looking setup heading into earnings, and in after-hours trading is up north of 10%:

Image of Setup - Stock Setups & Trade Ideas 10-19-17

Let’s see if the sellers make another attempt to push this market lower tomorrow or if the bulls are back on the march higher.

Good luck out there.

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Evan Medeiros

Evan is the founder of the Trade Risk. With 25 years of coding experience and a B.S. in computer science, Evan brings a systematic discipline to investing in the stock market.

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