Nearly gained back the loss from Friday in S&P 500, but until it takes out the July high 135.70, with today's DOJI (opening and closing price virtually the same), still more of a hesitation at these levels, especially since the volume is yet to indicate real confidence. Market internals remain overbought. But, what is interesting is the continuing rotation in sectors and groups.
Biotechnology (IBB)-featured over the weekend took the strong lead. Oil (USO) did well. As didFinancials (XLF), Transportation (IYT), Homebuilders (XHB) and Water Resources (PHO).
S&P 500 (SPY) The 10 DMA a good place to now hold.
Russell 2000 (IWM) No island top since it did not confirm. The 10 DMA at 81.80 now a place to hold for move to continue up.
NASDQ (QQQ) Closed under the weekly Bollinger Band, yet with a strong closing price (new high in a decade). Watching the 10 DMA here as well 62.00.
ETFs:
GLD A gap open over 168.55 perhaps we will get excited.
XLF (Financials) 14.55 now support to hold. All eyes on the 2000 weekly moving aveage.
XRT (Retail) Signs of vitality left unless it breaks and closes under 56.75.
IBB (Biotechnology) Let's see what it's got over 122.45 or if it breaks 119.75.
SMH (Semiconductors) Held 33.80 and now needs to clear 34.60.
IYT (Transportation) Above 95.00 now. Conservatively want to see 94.25 hold.
USO (United States Oil Fund) Broke out of a several month channel. If holds 38.25, could see 39.75-40.00 next
PHO (Water Resources) Highest closing price since end of July.
TBT (Ultrashort 20+ Year Treasury Bonds) Watch the 50 DMA and the island bottom to hold.
Longs: If I see anything spooky on a chart-overbought, negative sloping weekly Bollinger Band, too much risk, etc-not making list right now.
SODA 2 days under the FTP, but consolidating above the 10 DMA and 160 EMA with max risk 39.40. Must also clear R1 41.94 then the 200 DMA is overhead at 44.47. Day to Mini
MCD (Narrow Range 7) Positive Pivots at 99.61 and risk the 50 DMA 99.05. Still has room to 104.50 level. Day to Short-Term Swing
DE Positive Pivots and cleared the 10 DMA. Must hold 87.75 and if clears 89.00 could see new leg up with 2011 high 99.80. Day to Swing
BWA Gapped higher with positive pivots. Risk 77.32 the 10 DMA. 2011 and all time high 82.28 which if clears could see a good move up. Day to Swing
PNC Back on list, though must clear R1 60.42 to see a possible move to 64.00. Risk 59.49 today's low.Day to Swing
Honorable Mention: Must Clear: UAL* (Narrow Range 20 Must clear 24.14) SFLY (27.22) IBM(194.87) Positive Pivots Opening Range Reversal: ACE AMGN CELG VMW RHT ADSK
Shorts: Not much here that is not oversold or nearing it.
NSC Big red candle and negative pivots at 71.25 plus now under the 200 DMA at71.28 which means need a second close beneath. Risk 72.22 R1. If continues lower, just be wary of already nearing oversold conditions. Day to Mini
Honorable Mention: WYNN
Goodnight!
