S&P 500 (SPY) could not clear the July high 135.70 although giving it big high fives for valiant effort. Earlier this week we explored what a top looks like. One indication is an orderly price testing at resistance. Perhaps July high is that price-but then again, only a question right now with nothing yet to indicate confirmation.
S&P 500 (SPY) Subs-Pivots Positive and under 133.40 getting wonky
Russell 2000 (IWM) First real sign of trouble. Subs-4 days under the FTP with 81.60 important support area and a move above 83.00, a good sign
NASDQ (QQQ) When on new multi-year highs, everyone still wondering about the top. Perhaps ifQQQs break 61.67-perhaps. Subs- Positive Pivots
ETFs:
GLD 167.50 support to hold after bearish engulfing pattern. Subs-Pivots still positive
XLF (Financials) Got real close to the 200 weekly moving average before selling off end of day. As a powerful resistance level nobody can deny (been 5 years since above that moving average). As the top too soon to tell. A weekly close under 14.55 troublesome.
XRT (Retail) If cannot end the week above 57.77 could be sign of exhaustion.
IBB (Biotechnology) Could be a reversal since it made new highs and now sold off. But with an inside day, watch 118.67 to hold or bust.
SMH (Semiconductors) Inside day and holding.
IYT* (Transportation) Under 94.05, this will be yet another sign of more correction to come. Could even be big-to 91.00. But, over today's high, has plenty of room to upside.
XLE (Energy) Do not like to see new multi month highs then a pause that lasts too long. Over today's high though will keep this sector happy
TBT (Ultrashort 20+ Year Treasury Bonds) Subs-19.12 new swing stop.
Longs:
Post earnings: LNKD set to gap above the recent high 81.83. If does, has potential 4-5.00 move from there
EL Positive Pivots at 57.27 and good risk to today's low. Over the 10 DMA now at 57.84 could see at least a test of 59.55 and if that clears, 63.00 next. Day to Swing
UAL Positive Pivots at 23.90 max risk 23.26 with an inside day today. Through R1 looks good to recent high 25.84 and then up to 30.00. Day to Short-term Swing
PNC 4 days under the FTP at 60.43 with risk 59.90 and should also clear R1 and today's high 61.00. Condition 1 stock so watch for ½ entry over pivots and balance over the highs. Good one to see if it has legs to 64-65.00. Day to Swing
JEC A strong weekly close will take this over the 200 weekly moving average, which will be the first time it closes above there since end of September 2008. In January 2011 it traded above there but could not close the week at those levels. Pivots positive at 46.25 and good risk to 45.50. 2011 high 55.73, good target for now. Day to Swing
VMW Inside day positive pivots at 94.95 with risk today's low. Over R1 95.76 good sign but must also clear 96.30 the weekly high to look good to 104 level. Day to Short Term Swing
Honorable Mention: Must Clear: HAL* (37.27) COST (84.73) JWN (51.45) IBM (194.81) CHKP(58.92) Pivots Positive OR Reversal Candidates: NTAP LULU BIDU ALTR RHT
Shorts:
RVBD Negative pivots, cannot clear 28.50 the 200 DMA. Has support underlying at 25.90 which means for now, a miniswing trade.
ATI Needs to break 47.17 with risk 48.19 today's high. Day to Mini
WLP Needs patience, but if cannot clear 65.13 still looks like a good short to 56.00 level. Day to Swing
CCL Under the 50 DMA and the 200 weekly moving averages. Therefore, must break the 10 DMA 31.26. Also, should not clear 32.45. If can get below 29.99, looks nasty. Day to Swing
AMZN Negative pivots and cannot clear 186.53. Also should break today's low if good short. Last swing low was 170.00 area. Day to Swing
Honorable Mention: DECK (Needs to break 84.57)
Goodnight!