Earnings Season has begun with the best post market performer at time of writing Cirrus Logic (CRUS) a semiconductor. And speaking of Semiconductors (SMH) that ETF although still lacking in pizzazz, did manage to close above last week's high with an Accumulation Day in volume. As for the rest of the indexes, they all closed with an inside day to Friday's range, with NASDQ dropping although on lighter volume.
SPY: Another Inside day with a DOJI. Over 128.40 see another leg up. Under 126.00 and fear will return. Subs-Positive pivots.
QQQ: Amazing how once these indexes become overbought on the 2-Day RSI lately, they sputter as did this today. Subs-Negative pivots at 57.68 with a bearish candle although certainly maintaining its bullish phase.
IWM: DOJI Inside day. Over 75.40 will anticipate it will blow through the 200 DMA. Under 73.15, and will expect fear to return. Subs*-Pivots positive so will definitely have big eyes here
ETFs:
GLD Since I am negative overall here, now that this has retreated from the 200 DMA, yet closed above Friday's low on super light volume, tomorrow could very well be the do or die. Subs*-Negative Positive although it held S1. Now under 155.93 will most likely go short.
XRT (Retail) A range expansion day. Subs*-positive pivots and will look to see what happens over 52.70 level.
XLF (Financials) Needs to clear from 13.55 with volume for a new leg up or begins to look tired.Subs-positive pivots.
IYT (Transportation) Subs-Positive pivots and inside day
IYR (Real Estate) Subs-567.21 the 200 DMA to clear, otherwise, now looking like a failure with negative pivots.
IBB (Biotechnology) Overbought.
XLE* (Energy) Inside day and positive pivots. Real quiet today and not overbought therefore big eyes tomorrow.
OIH (Oil Service) Over 119.34 should see move to 120.75 level. 116 still the major support.
Longs: I have * the ETFs and indexes I will be focusing on for possible longs. As far as picks, all about low risk not overbought and checking earnings dates.
COO 68.75 max risk and now oversold on the 2-Day RSI. Must clear today's high 70.72 and then 72.20. The longer term trend still up, so could get a good entry and if breaks the 200 DMA, who knows? 2011 high 84.20 Day to Swing
V Decent sell off today, but overall trend still bullish. Now must clear R1 and today's high 101.18. Then, the 10 DMA 101.65 in order to see a possible third and perhaps charmed attempt at 103.45. Risk is today' low 98.78 max. Day to Short-Term Swing
JWN Inside day and negative pivots, but good risk to the 50 DMA which just turned slightly negative 48.53. I also like 49.07 as a closer risk from last Friday. Must clear R1 and today's high 49.95 ideally. Then could see 52.15 to 53.35 next. Day to Short-Term Swing
TSLA Reversed from the lows to close up, although still under the 200 DMA and with negative pivots. Cannot fail 26.07 or would consider short. Otherwise, back over 27.56, the 200 DMA, might see some buying since also clears today's high. The 50 DMA is 30.57. Day to Short-term Swing
Honorable Mention: Must Now Clear High or R1: EL (Inside day Must clear 112.14) DLR (66.85)UPS (73.50) HOG (39.90) X (27.47) Positive Pivots OR Reversal Candidates: WSM* CVX NBL QCOR BA ONXX
Shorts: Good follow through on some of yesterday's short picks. Exited GMCR today since it became oversold on all RSIs-video highlights.
DMND has negative pivots and sideways consolidation under the 50 DMA at 35.51. It should not clear today's high 33.83 and with slightly positive pivots, has to break S1 32.52. Then could see recent los at 26.37 and perhaps lower. Day to Short-term Swing
DDS Negative Pivots at 44.73 and should not break 45.28. Could see 43.00 some support and possibly a move to October low 40.00. Day to Short-Term Swing
Honorable Mention: Areas the following must not clear: BWA (65.39) XEC (62.26) WYNN (108.00)DRI (44.63)
Goodnight!