SPY Some mixed indicators which make is more difficult to read next direction. Volume on Friday light. Could not close above the prior week high 120.08. Closed at the top of the range of last week. Closed above the 200 weekly moving average after a rocky start. Positive pivots. If it comes in higher Monday, would be inclined to follow it to the upside in anticipation of more upside. If it opens lower, provided it does not break 117.22 S1, would look for a buy on the dip. But, if it gaps lower, then we could see a quick drop down to around 114. With a Death Cross, now officially in a Bear Phase.
DIA Looks nearly identical to SPY except the major moving averages are still a bit away from the threatening death cross. 111.74 S1 support to hold.
QQQ Will make the same case here-although nowhere near the 200 weekly due to lingering strength in some leading stocks. Could not close above 53.83 but traded above that level on an intraday basis. 53.00 S1 and now number to hold.
IWM Death cross and official bear phase. 68.80 the line in the sand. Over 70.66 see 71.60 area next resistance.
ETFs:
GLD** Now 2 days under the Floor Trader Pivot which comes in at 169.26. Confirms a buy over R1 170.75. Still strong chart.
SLV if gaps higher will follow it. Otherwise, FTP at 37.87 and S1 37.54.
IBB Biotechnlogy-Good follow through after Thursday's bullish engulfing pattern. 90.00 now support to hold and would look for this to lead. Also closed above the prior weekly closing price.
SMH Semiconductors Hit the 10 DMA and must now clear 29.94 to keep going. Otherwise, under 29.15 vulnerable. Also closed higher than the closing price of the following week.
IYT Transportation First sector and group to weaken, now one that must firm for any sustainable rally. 83.10 the FTP to hold. Then support at 82.00. If opens higher, another one to follow although it could not close above the prior week's closing price. Same with XLY Small Caps.
XLF Financial Could not close above 13.43 on a weekly basis. Now must hold 12.54 and over 12.93 could firm again.
FCG Natural Gas Held 19, could see 20.20 area next. Through there, back above the 50 weekly moving average. Since touching 10 DMA, if fails 19.00, vulnerable down to the recent lows.
OIH** Oil Service Holders Closed back above the 200 weekly moving average at 132.20. Consider that now a pivotal area. Want to see 131.40 hold. Otherwise, a break of the weekly and S1 could be vulnerable.
TLT** Interest Rates Inside day and holding the fast moving averages. Watch the way the range breaks to find next direction.
Note: Watch the ultrashorts after last week's retracement for long possibilities should market weaken.
Longs: Any buy on Opening Range reversals Friday were basically profitable, some more than others. WLL IDCC TPX AAPL best ones and all picks gave you some chance for even a small daytrading profit with Friday's choppy action. These are the best chart setups for a long should market hold up, but still hesistant to recommend any longer term buy and hold positions for now.
SLW Inside day, positive pivots at 36.94. Support at S1 to hold 36.46. Above Thursday's high 37.50, has some weekly resistance at 40.00 and then good to 45.00 Day to mini
AAP* Gapped higher last Thursday with an inside day Friday. Also the weekly bar is a bullish engulfing bar to the week prior. Positive pivots at 55.32. The 50 DMA to clear is 56.66. Support now at 54.40. Day to mini
CAVM Inside day Friday and above the 10 DMA at 30.61. Positive pivots at 30.68. Provided it holds Friday's low29.84 and clears the pivots, if can get over 31.31 the high, can see more upside with resistance at 38.00. Day to mini
CERN** Inside day after bullish engulfing pattern. Weekly chart not broken down. Positive pivots at 57.98 with tight risk to Friday's low 57.00. Over 58.79, resistance at 60.00 but if market firms could see 62.50 area. Day to mini
CBS** Closed over the 160 EMA and 10 DMA which means if holds 24.36 and gets through 24.81 could see a run to the 50 DMA at 26.90 area. If everyone sits home and watches the fall lineup since they are too broke to go out, 29.68 is the recent multiyear high. Day to mini
NFLX Bought the OR reversal but never went anywhere. Now, with positive pivots, over 244.64 should see follow through to the upside with 256 area next resistance. S1 to hold is 241.43. Day to mini
IBM** Got long on an OR reversal and had a decent daytrade. But, for this to get going, must hold S1 166.23 and get back above the pivots at 167.80. Then resistance at 171.50. If market does firm, this has good potential. Day to mini
JAZZ GMCR MA AAPL BIDU CMG CF COG all still look really good if market holds. All have positive pivots to buy against and all have tight risks to S1. Will have a screen for just these to watch for entry.
Shorts: Instead of short picks, covering the Ultrashort ETFs that are in a strong Condition and had 2 days under the FTP for an inverse buy.
SKF**FTP 76.72, R1 80.84 which must clear to stay long if crosses the FTP with an opening range breakout. S1 74.25 is S1. Should that break, good for financials. Day to mini
FAZ**FTP at 59.34 to hold, R1 to clear 63.99. S1 to hold 56.41 Day to mini
TZA** Inside day Friday. FTP at 48.89 with support at Friday and Thursday's low 46.95. Must clear R1 at 50.72 and Friday's high 50.87 to get going. This is the ETF for small caps. Day to mini
TWM**Another inside day Friday. The FTP at 53.98. Would not risk more than to Thursday's low 52.61 (if breaks down good for midcaps). Over Fridays high 55.40 also clears R1 at 55.30 Day to mini
LQD** Inside day. Above the 50 DMA and stopped at the 10 DMA 112.65. Has positive pivots at 112.25 with tight risk to S1 111.86. Over R1 112.97 also clears Friday's high and the 10 DMA. Recent high 114.17. Day to mini
Have a great Sunday!