There is an online game called Rotate and Roll. Trading ain't no game, but clearly readiness to rotate and roll are good skills to hone.
S&P 500 (SPY) Closed just at the May 2011 high at 137.18 with an Accumulation Day in Volume. Positive Pivots
NASDAQ (QQQ) Low volume day as the early test of the 10 DMA only proved that buying dips in a bull market, provided you know risk, is the smart, especially after the scary candles have disappeared.
Russells2000 (IWM) Impressive comeback even though it remains the weakest index. If breaches 83.33, its recent high, would see the last 3 weeks as good congestion for a move higher. If breaks, 81.00, the reverse will look obvious.
ETFs:
GLD Still catching its breath with now 2 days under the FTP coming in at 172.07. R1 is 172.55. Swing stop under the 10 DMA 169.90.
XLF (Financials) 14.78 now the 200 weekly moving average. 14.40 the number to hold.
XRT (Retail) Swing longs-New stop 57.95.
IBB (Biotechnology) Held 118.00 the important number. Needs to clear today's high to keep going. Under 118, 113 is the 50 DMA to watch for.
SMH (Semiconductors) We need to see clearance above 34.65 and a close there.
IYT (Transportation) Tried but could not stay above the 50 DMA. Under 90.90 will be worrisome and over 93.00, reason to cheer.
IYR (Real Estate) Like this over today's high 60.78.
USO (United States Oil Fund) Subs-Out today on a chandelier exit.
MOO (Market Vectors-Agribusiness) Still long and will look for today's low to hold. Overall chart patterns continues to indicate potential for more upside.
Longs:
AGU 3 days under the FTP and holding the 10 DMA at 83.20. Risk is today's low. FTP comes in at 83.69 and R1 at 84.54. First target 89.00 if clears and cold go higher. Day to Swing Note: MOS (Must clear 59.29)
JOY 3 days under the pivots and holding the 10 DMA at 88.50, max risk. FTP at 90.65 and R1 92.32 to clear as well. Recent highs 96.00, good target and if that clears has good potential. Day to Swing
SPG Slightly negative pivots at 136.25 like to see hold. Over today's high would look good with all time high made on February 2nd at 139.63 which if clears, could take this to 142 next. Day to Mini Note: SLG (Like to see this clear 76.24)
TROW 2 days under the FTP at 61.06 and should clear R1 61.63 with max risk now today's low. Recent high 63.00 with possible target 70.00 if this group stays firm. Day to Swing
CF Positive Pivots and big bullish engulfing pattern with max risk today's low. Looks like it could take out all time high 192.70 and keep going. Sound first target is 200.00, but could go higher. Day to Swing
Honorable Mention: Must Clear: SLB (79.86) ONXX (39.35 to keep going) CAT (Clear 116.60) GS (117.30) TSLA* (34.06) NFLX (111.00) Positive Pivots Opening Range Reversal: BIDU (Risk 133.65) COST PAY WFM EL
Shorts:
AMZN Approaching the oversold mark, but with negative pivots, should not clear 179.65. Still can see recent lows 172.00 and lower. Day to Mini
X Provided 28.25 does not clear, with negative pivots, under today's low, this could continue to test lower prices. Recent low 27.35 and a break of that could bring this down to 26.50 and lower. Day to Mini
WLT even with the current market run, this has remained relatively weak and now closed under the 50 DMA. A second close under with negative pivots could mean lower levels down to 58.60 and perhaps lower. Should not clear 66.00. Day to Swing
ATI Negative positive pivots now at 43.86 and should not clear 44.46 Then, could see some support at November low 42.50, but if that breaks, October low, 30.80 next major support. Day to Swing
BTU Similar setup to WLT with support at 33.20 then 30.60. Day to Swing
Honorable Mention: SINA (Did not report well so look at it under today's low) ACOM (Should not clear 24.36) WLP (Hammer candle. Watch for it to break today's low)
Goodnight!