First Trading week of 2016

The first week of 2016 was a white flag for the bulls as they gave up the short term support levels which now opens up a test of the bigger support levels below. With the move lower there are short set ups which should only be taken if there is a really good set up and I would recommend at reduced risk.

I still have a neutral stance on stocks until there is a breakdown and confirmation of a downtrend.

Follow me on Twitter @TraderMig as I tweet stocks that I am watching during the course of the week.

Happy Trend Trading

Miguel Teixeira