Now that there is the official Golden Cross in the S&P 500 (SPY), we also have to note the two distribution days in volume (a lower close on higher volume than on the preceding day). Furthermore, the volume is light-below the average daily. Amazingly, the question of whether or not the high from last week was indeed the high or this is just some good old digestion near the highs readying for more upside-right now, I simply dunno!
S &P 500 (SPY) Subs-Pivots are positive at 131.37 and risk S1 130.55 R1 132.05.
Russells 2000 (IWM) Second test and hold of the 10 DMA now at 78.72. Provided 78.50 area holds, see 81.00 target on the table. Subs-Pivots positive
NASDQ (QQQ) Took out last week's high intraday and then closed in the middle of the intraday range. I'm asking myself if AAPL can hold up the market much longer? Subs-Pivots positive with S1 at 60.15, which will give me pause if fails.
ETFs:
GLD 175.50-176.50 not unrealistic unless it breaks 167.05.
XLF (Financials) 13.85-14.05 would venture to say is a trading range and one to follow whichever way it breaks.
XRT (Retail) Weak sector on the board today. Closed beneath the previous day low after an inside day which makes the case for more correction unless it takes out today's high.
IBB (Biotechnology) Needs to be the first kid on the block to take out the recent high 116.76 to keep the neighborhood cheerful.
IYT (Transportation) 97.00 still in the cards. Subs-Pivots neutral
XLE (Energy) Subs-Positive pivots which is interesting as this holds the 200 DMA by a fingernail.
TLT (20+ Year Treasury Bonds) 123-124 target
Longs: NOTE: Geoff will be with you tomorrow on twitter and doing your midday video. I will do the evening watch as usual and be back with you on Thursday.
2 beautiful swing trades REGN DLR for you to study on what a parabolic move looks like. Tonight only focusing on those with positive pivots and clear risks.
ACE (Post Earnings) A gap over 70.75 will clear the 10 DMA and 70.59 level. First Target 75.00. Day to Swing
JPM Did clear the 200 DMA today and has positive pivots at 37.26 with good risk not to today's low 36.93. Still has to clear last week's high 38.10 to look really good and if does will see what happens at the 80 monthly MA now at 40.75. Day to Swing
HOG (Narrow Range 20) Positive Pivots at 44.12 with risk 43.45 yesterday's low. Like the market, on 1/26 made new highs and closed within 25% of the low of the range which means ultimately must clear the recent high to continue the move higher. But, with a good risk, could look at reversal or breakout since if it does clear, has 2011 high 46.88 then could press on to 60.00. Day to Swing
ASH Neutral pivots at 63.18 with risk 62.43 yesterday low. Should also clear R1 and today's high then could see a move to 68.00 with 2011 high 69.46. Day to Swing
RAX Positive Pivots at 43.21 and since made a big move today, should now hold S1 42.80. All time high 46.49 then could see a good rally from there. Day to Swing
MHS Positive Pivots at 61.98. Max risk today' low and S1 61.54. Setting up well on the weekly chart with all time high in 2010 at 66.94 and great potential above that. Day to Swing
SPG After recommending at 126, now at 135.57 but not overbought with positive pivots at 135.57 with risk now 134.60. Already on new highs recently so watch the RSIs and 138-139 area. Day to Mini
Honorable Mention: Pivots Positive OR Reversal Candidates: GS (Long ½ position Risk under today's low) NTAP (Risk today's low) JWN (Risk 48.98) COV (Risk 51.25) MOS (54.99 Risk) APH (Risk 54.06)
Shorts:
ANF Negative pivots at 46.21 with 50 DMA the best risk at 47.13. If breaks, 30.00 a reasonable target.Day to Swing
WPI Bearish Engulfing Pattern at negative pivots at 59.12 with risk today's high. January low 55.00 which must break or just a quick miniswing on this. Day to Mini
TSLA Has positive pivots so must break S1 28.63 and on list since closed under the 50 DMA which is sloped negatively. Risk today's high. Day to Swing
Honorable Mention: OR High Failure DDS FTI ONXX
Goodnight!