S&P 500 Technical Analysis Weekly Outlook 2/17/2019 and Bonus Windstream (WIN) Update
Today I am looking at the S&P 500 and its technical outlook for the week of 2/17/2019. I am also giving an update on Windstream (WIN) because the court case was decided and it isn’t good news if you own the stock. A week or so ago I mentioned Windstream and how its future was in the hands of a judge in a court case they are in.
Well, late Friday the judge issues his decision and it was not in favor of Windstream (WIN). When I first started buying Windstream they had a dividend but since then they had slashed their dividend and done a 1:5 reverse stock split. But over the past 6 months, it looked like they were turning their company around. Their upcoming quarterly earnings report should be positive and the last one was as well.
But the court case was the 600-pound gorilla in the room. Unfortunately, they lost and now they are more than likely going to have to declare bankruptcy. I mentioned how if you were looking to get in then it is an extremely risky play so only buy what you could expect to lose. If I was following my growth stock strategy of only purchasing growth stocks then I never would have touched Windstream. Unfortunately, that is neither here nor there and this is a trade that will be a big loser for me. Live and learn. Time to move on.
Even though I have purchased more than I like to for my portfolio it isn’t the end. It does represent about 14% of my portfolio which is about 3X as much as I should.
So it will be a setback and will more than likely have me negative for the year but it is another lesson I’ve learned. Just because a stock fits my technical setup I have to look at the fundamentals. That is why I am following my growth stock screener for almost all of my current and future trades.
For the S&P 500 it has a short setup on the 15-minute chart and a long setup on the daily chart. I talk about this in the video. Depending on how price moves I will look to get in on a retracement for buying stocks or hold off for a bit and wait for the next move.
Video
Recap
Windstream (WIN) is more than likely going bankrupt. They lost the court case and are probably done for.
For the S&P 500 and the technical analysis, I am bearish on the 15-minute chart but bullish on the daily chart. In a perfect world, I would like to see price retrace from these prices because that would create a great buying opportunity with the daily chart yet to be fulfilled.
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