Wall Street Traders Report January 7th

The US market has retraced over the past few weeks after reaching all time highs at the end of last year. The S&P500 (SPX) index below shows this retracement with the price just holding above 2000 points. Further decreases lower are possible with the support level of 1972 in close vicinity which may hold further declines.

 

 

S&P500 Index

 

Newmont Mining (NEM)

Bottom consolidation with a possible double bottom formation. I’m waiting for a breakout above the resistance of $20.50.

 

 

Newmont Mining (NEM)

 

Monster Beverage Corp (MNST)

Ascending triangle and it’s trying to breakout above resistance. This will be my long trigger signal.

 

 

Monster Beverage Group (MNST)

 

Home Properties (HME)

Long setup with a resistance breakout on good volume. Stops can be placed under the recent support of $65.50.

 

 

Home Properties (HME)

 

Extra Space Storage (EXR)

Long setup with a resistance breakout on good volume. Stops could be placed under the most recent pivot low of $58.50.

 

 

Extra Space Storage (EXR