The overall expectation last Friday was for a quiet day. We got it. The DJIA tested and closed just beneath 13,000, which seems more psychologically than technically significant. S&P 500 (SPY) ended with a DOJI candle (opening and closing price the same). NASDAQ (QQQ) closed right near the high of 2 weeks ago. Oil continues its drive up. The rest of the sectors ended the week mixed. It certainly appears the market wants much higher, but concerns about the Middle East and Greece are keeping a lid on it.
S&P 500 (SPY) Spent a moment over the May 2011 high at 137.18. Positive Pivots as the new week begins.
NASDAQ (QQQ) No more scary candles, yet hesitancy remains considering the lack of interest even up at these levels. A while back I wrote 64.00 was a target. It's here. Now I can't help wondering if we go parabolic or rot on the vine.
Russells 2000 (IWM) Could not test nor breach 83.33, its recent high. I loved 81.00, but heading into this week, that number is passé. Now, I would like to see 82.15 level hold.
ETFs:
GLD Took a rest and unless it breaks under 171.22, still looks good.
XLF (Financials) Not ready to get through the 200 weekly moving average and reverse the trend once and for all. 14.40 is a good area to hold. The longer it does hang out here, the better the move will be if it clears.
XRT (Retail) Swing longs-New stop 57.97. DOJI day.
IBB (Biotechnology) Tested yet closed the week just under the 10 DMA-a gap over on Monday, real nice. Otherwise, a hold of 118.00 important.
SMH (Semiconductors) Time for the semiconductors to join the party. 34.10 holding, but now we need to see clearance above 34.65.
IYT (Transportation) Tried but could not stay above the 50 DMA. Under 90.85 will be worrisome and over 93.05, reason to cheer.
IYR (Real Estate) Interesting DOJI candle to end the week and right on the 10 DMA to boot. Still very interested in this sector as one to weigh the overall health of the market with.
IJR (Small Cap 600 Index) Could be forming a new base to blast off from with all time high 76.69. The 10 DMA 75.55 and good number to watch for support.
USO (United States Oil Fund) Subs-With over 4 ATRs, use a chandelier exit from Friday's high. Can I get a parabolic?
MOO (Market Vectors-Agribusiness) Like to see 52.70 hold.
Longs: New members-Please refer to last week's lists since, if I still like a stock I wrote about last week, will include it as an Honorable Mention and not repeat a full write up.
IMAX Ended the week over the 65 weekly moving average at 24.55. First time that has cleared since the week ending July 22nd. Positive Pivots at 25.25. Should clear last week's high 25.94 to keep going with next resistance at 33.00. Day to swing
SLB if holds around 79.50, its 65 weekly moving average is 80.00, with room if market stays good, to 95.00. Day to Swing
BIDU (Narrowest Range in 201 days) 132.90 is the 200 DMA to hold. Positive Pivots at 134.70. R1 and Friday's high line up at 135.79 which if clears could get this going up to 147 next resistance. Day to Short-term Swing Note: SINA oversold on the 2-day RSI, could also firm if this does.
WFM Inside day. On Friday, February 17th, we bought it at 81.35 and exited with a scratch. Now, it ended last week at 81.10 and still looks good with positive pivots at 81.25 and tight risk to under the low 80.85. It already made new all time highs earlier this month. With 2 weeks of consolidation since then, could have another leg up to around 89.00-90.00. Day to Swing
NFLX (Narrowest range in 36 Days) 2 inside days and never filled the gap since its earnings report. Slope on the 50 DMA is moving up. Now needs to clear R1 113.31 and hold Friday's low. Day to Swing
Honorable Mention: Must Clear: PRU (61.57) GS (116.97) SLG (75.90) TSLA (34.42) CREE (29.98) Positive Pivots Opening Range Reversal: LVS* (Paused and should clear 54.00) ONXX PAY CAT (Support 114.34)
Shorts:
ATI In a negative phase and has positive pivots which means must break S1 43.89 which corresponds with Friday's low. Then, could see some support at November low 42.50, but if that breaks, October low, 30.80 next major support. Day to Swing
RVBD Another one from last week that we covered with a small profit and has not closed back above the 200 DMA since. Positive Pivots so must break 27.50 and not cross over 28.20. Also has support from last week at 27.20, which if breaks could finally break this down to 26.60 area next then 26.30, last support until 24.00. Day to Swing
VHC Should not clear 24.10 and since right beneath the 200 DMA, needs to gain momentum under the negatively sloped FTP to see 21.15. Day to Mini
Honorable Mention: DECK (Been in and out short so many times and note to swing traders-this has never cleared the 200 DMA since it first appeared on the list. Now, have to wait for Opening Range High Failure)
Have a Great Sunday!