Inside, low volume day in S&P 500 (SPY) and Russell 2000 (IWM). NASDAQ (QQQ) breaks Friday's low by 2 cents intraday, closing just about unchanged.
S&P 500 (SPY) Has to clear the July 21st low (134.88) the only nagging concern related to the still intact island top. Subs-With negative pivots, a break of the low caution.
Russell 2000 (IWM) Held Friday's low which means now an important area to hold. Good that it worked off some overbought conditions though. Subs-Negative Pivots
NASDQ (QQQ) Subs- Negative pivots with similar concern under the lows yet a very strong chart at this point.
ETFs:
GLD Still holding the gap from 1/26 provided 166.55 holds. I have seen blogs on both sides of this coin-real bullish and real bearish. At this point, I lean towards bear, but have no position.
XLF (Financials) Good digestion with an inside day. A close above 15.00-will be the first close over the 200 weekly moving average since the week ending October 26, 2007.
XRT (Retail) Now overbought but looks like it got more to do on the upside.
IBB (Biotechnology) This is what we may see in XRT-ovebought meaningless thus far.
SMH (Semiconductors) Looked real dicey for a bit this morning and still kind of does. But the volume was so pathetic, cannot say much more with any real conviction other than today was a correction.
IYT (Transportation) Want to see this clear last week's high for a new leg up.
XLE (Energy) Powered out from the recent highs. Now, want to see it hold 73.16 to make sure this was not a one day wonder.
TBT (Ultrashort 20+ Year Treasury Bonds) Subs-Held the 50 DMA and the gap. Now, to look better, must clear 19.20.
Longs: Trying to only look at ones not overbought.
JCP 5 days under the FTP which comes in now at 41.07. Above you could have a good entry on ½ against 40.00 support. But still also needs to clear the recent highs 42.29 since not overbought and has room. Then got a really nice base on the weekly so would manage as a swing trade watching the daily RSIs. Day to Short-Term Swing.
JWN I keep posting this one since I like the basing action and just waiting for the right timing. Inside day, negative pivots. Risk at 49.48 and could finally be getting ready to power out of this area if can clear and close above 50.85. Day to Swing
JOY Inside day right near the recent highs. Positive Pivots at 95.14. Risk 94.06 and needs to clear 96.00 for next leg to 100. Day to Mini
LULU has to clear current range or above 65.00 to see a new leg up. Positive pivots at 64.64 with risk 64.00. Then could see 72.00 next. Day to Short term Swing
ALTR (Still long) Inside day with negative pivots at 40.33 so should clear today's high and R1 then still has to get away from recent highs 41.62 to get going. Risk now S1 40.04 for mini and 39.40 for swing.Day to Swing
Honorable Mention: Must Clear: IBM (194.81) COL (58.93) NTAP (40.38) WTW (74.50). MOS(58.10) AMGN (69.76) Pivots Positive OR Reversal Candidates: FSLR (Risk 45.50) CLR (Risk 78.10) MAKO (Risk 34.75) TZOO (Risk 27.63)
Shorts:
DMND Negative pivots, cannot clear 38.25 and has to break S1 and today's low for follow through. Then could see 35.50 then 31.50. Day to Swing
CCL Has positive pivots, but is still under the key moving averages like the 50 DMA and the 200 weekly moving average. Therefore, must break S1 and today's low and also the 10 DMA 31.03. Also, should not clear 32.10. If can get below 29.99, looks nasty. Day to Swing
AMZN Inside day, negative pivots and cannot clear 186.56. Last swing low was 170.00 area. Overall, this stock looks in trouble. Day to Swing
Honorable Mention: SINA (Cannot Clear 72.25) CTRP (Cannot clear 25.33) WYNN (114.44)
Goodnight!