I ran my stock screen for momentum stock plays and really nothing showed up, which is actually a good sign that this market is getting oversold here and the stocks are reflecting that.
However there is one stock that stood out from the rest: W.W. Grainger (GWW) which has the pefect box of consolidation working in its favor and if it breaks above $210.77 I would absolutely take a long position in it. You stop-loss should be placed at $199.95.
Overall a very solid trade setup, and probably one of the best ones you'll find in this market.
Here's the GWW trade setup.
Get Ryan's Morning Newsletter with all of the essential market data and analysis for your trading day for Free!
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>