Baidu, Inc. ($BIDU) has been an incredibly strong stock over the last 18 months, rallying from $10 to $82 during this stretch. However, $BIDU could be headed for a short term pull-back, which means we could see price drop back toward $75 over the next few sessions.
The Financial Bear 3X ETF ($FAZ) is sitting on a three-month critical support level at 13.60 and seems to be teetering on the brink of a break. A violation of this line could lead to another wave of selling pressure back toward $12, or lower.
The ES played extremely well off our Action Levels yesterday, as two decent sell opportunties led to moves of 12 and 9 points. Given yesterday’s relatively quiet trading day, we could see another explosive breakout/trend day upon us. Let’s take a look at the levels to watch for today’s trading.
The E-Mini Russell 2000 is giving me conflicting vibes about future direction. While lower timeframes indicate a downside reversal to come, the daily chart suggests a little more upside could be seen. Let’s take a look.
After last week’s price action, the Dow Jones Industrial Average has strung together two sessions of yawn-inducing trading activity. However, the Dow could be on the verge of a major breakout opportunity. I’ve got three reasons why.
