Stimulus Matters to the Stock Market and to Snap-on $SNA

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Apr 17, 2021 (Stock Traders Daily via COMTEX) — Investors often shrug off the impact of stimulus, but when fabricated demand comes into the stock market everything is affected, even Snap-on (NYSE: SNA) and other stocks that might not be direct beneficiaries. They say, a rising tide lifts all boats, and multiple expansion is a natural byproduct, but it works in both ways. For SNA we can see the impact demand changes have on price by looking at the trading plans and pivot points below. This changes over time, so we suggest updating the data for the most actionable results, but this static example also demonstrates how this is done. For an update, please request Unlimited Real Time Reports.

Technical Summary

Bias Strong Strong Strong
P1 0 0 193.73
P2 231.13 232.71 206.49
P3 233.75 236.59 220.17
Long Term Trading Plans for SNA

April 17, 2021, 7:00 pm ET

The Technical Summary and Trading Plans for SNA help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this SNA Report.

SNA – (Long) Support Plan

The technical summary data tells us to buy SNA near 220.17, but there is no current upside target from the summary table. In this case we should wait until either an update to the summary table has been made (which usually happens at the beginning of every trading day), or until the position has been stopped. The data does tell us to set a stop loss 219.53 to protect against excessive loss in case the stock begins to move against the trade. 220.17 is the first level of support below 235.52, and by rule, any test of support is a buy signal. In this case, if support 220.17 is being tested, a buy signal would exist.

SNA – (Short) Resistance Plan

There are no current resistance levels from the summary table, and therefore there are no Short resistance Plans which tell us to short upon tests of resistance. Resistance levels have broken higher and unless the stock reverses lower and below support levels again short positions look risky.


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The MarketWatch News Department was not involved in the creation of this content.