There is sure a case for the reversal in NASDAQ (QQQ) based on the new high tick on the open followed by the escalator down to almost but not quite Wednesday's low. We all see the bearish engulfing candle pattern. So, note that number- 59.41, since that is one to break for confirmation; otherwise, today was just a low volume correction day.
S&P 500 (SPY) Filled the gap from July 27th on the open. Watch for the reversal, but thinking that some chop and lack of direction could be more in order for the end of the week. Subs- Pivots positive.
Russells 2000 (IWM) Under 78.20 expect more downside; 0therwise, 81.00 resistance. Subs-Also positive pivots
NASDQ (QQQ) Subs-Pivots are still positive which means as long as it holds 59.41, still have a positive bias.
ETFs:
GLD Look now for 166.75 to hold which will keep today's gap intact.
XLF (Financials) First sign that the market would pause. Cleared 14.28, made a new 3-month high, then sold off. I always like to see how the financial sector performs since the longer term trend is still negative even with the new and improved accumulation phase on the daily chart. 13.96 was the gap low last week. My focus. Subs-Still like 14.28 since that is where R1 sits.
IBB (Biotechnology) The monthly Bollinger band comes in at 116.27-the high 116.76. The weekly chart RSI is overbought.
IYT (Transportation) Closed in the green with an interesting looking DOJI Hammer candle that could signal a reversal or just a healthy pause with 97.00 still in the cards.
XLE (Energy) 73.17 October 28th high was matched before today's retreat. A double top is possible for sure (needs to break 70.70). Then again, over that high, an inverted head and shoulders bottom equally possible.
TBT (Ultrashort 20+ Year Treasury Bonds) Inside day and remains over the 50 DMA. Subs-2 days under the pivots so over R1 19.31, will look at a long.
UUP (US Dollar Bull) Holding the 65-weekly and the 160 EMA. Still watching.
Longs:
AVGO Inside day and positive pivots at 34.12 with the continuation in its recent consolidation over the 200 DMA. Can use 33.80 as a tight risk and still see 37-39.50 possible. Day to Swing
APH 55.50 is last and this week's high. If that clears it's got room to all time high 59.11 and higher. Pivots are positive at 54.81 and risk yesterday's low 53.82 or tighter, S1 54.26. Day to Swing
VHC 2 inside days in a row followed by a DOJI at an interesting price point on the 50 and 200 DMAs. Has positive pivots at 24.46 with max risk 23.65. Can see its way to 29.45 or higher. Day to Swing
FSLR Had a huge 30 minute bar today and the consolidated between R2 and R3. Want to see 39.80 hold, the 50 DMA. Target at least to the 70 EMA 46.75 or better. Day to Mini
HAL Reported and firmed after the close with positive pivots at 36.51 and risk 35.30 Wednesday low. Could see 42-45.00. Day to Swing
Honorable Mention: OR Reversal Candidates: YOKU (Risk 20.27) NFLX* FDX ESRX
Shorts:
Negative Pivots: APKT (Should break and stay beneath 29.86) RRC (Should not clear 57.25)
Positive pivots but negative charts therefore must break S1: GS (107.63) TIF (63.02) WYNN(117.24)
Goodnight!