SPY Filled that gap and put together yet another Distribution Day in volume. Started out the week talking about the 120.08 close pre downgrade. Now, ending the week looking to see if it can hold the 200 weekly moving average at 115.33. If it does, perhaps the buyers will come back next week.
DIA Another reason to hope-MACD crossed positive. Looking for a close above the 200 weekly moving average (has yet to close beneath). 111.30 area has been pivotal-would follow that area up or down.
QQQ No gap fill, closed under 52.00. Back above 52.61 R1, maybe new life. Otherwise, support at 50.00 and then we are looking at 45.00.
IWM At this point, over 70.00 is encouraging. Otherwise, let's see what happens at the 200 weekly moving average 65.49. Buzz about the bearish engulfing pattern. Often we have seen inside days that follow. That makes today's low/high important areas to watch.
ETFs:
GLD Now 3 days under the FTP. As long as 170.33 holds, over 174.78 R1,next stop the adaptive moving average 175.75.
SLV Held Wednesday's low and had an inside day closing strong and above the adaptive moving average at 39.40 which corresponds perfectly with the FTP. If that holds look for R1 40.74 as next resistance. In some ways, looks better than GLD since pivots are positive.
USO At this point, will enter if rallies and closes above 33.64.
SMH Hit the no loss stop. Now, since it could not rally, looking at a possible short unless it clears today's high. Pivots negative so watch 28.16 area as resistance.
TLT** Inside day and still negative pivots so must clear 108.11 to resume the move up.
SKF Must clear 82.20
SDS Must hold 24.10 and preferably the FTP which is positive at 24.64 TWM Bullish engulfing pattern, should hold 54.85 the FTP
Longs: At this point, only interested in the leaders with the best chart setups.
MA Inside day, neutral pivots at 324.45 which must clear along with today's high if good. Good support at 319.40 and the maximum risk point. If moves, look for 335 target. Day to mini
ABV 2 inside days, Condition 1 with 2 days under the FTP. Must hold 32.95 the 10 DMA and preferable 33.54 the FTP. Stopped right at the Bollinger band on the weekly at 34.13. If that clears, new all time highs and would expect a move to 42.00 Day to swing
CF Swing traders who entered around 169 still should be in this. Otherwise, inside day, 2 days under the FTP. That comes in at 175.11. Would try to buy weakness against the pivots or if weak, close to the 10 DMA at 171 area with a tight risk. If clears178.10, also clears R1. Recent high 180.39. In a good market this could see 220. For now, new entries do as a miniswing trade at most.
CVI 24.95 is the max risk so if that breaks no entry. Positive pivots at 25.60 to hold. Projected move 28.25 Day to mini
Hon Mention: AAPL (over R1 377.78) SINA (Holding 50 weekly-inside day, over 96.00) BIDU(Over 136.50) IBM (has to hold 164.10 and cross 166.32) BIIB (Over 92.88)ISRG (If holds 341.60 area, positive pivots 347.60, prefer to buy weakness)
Shorts: Watch the ultrashorts mentioned above and TLT (SLG and RAX good shorts)
OPEN Negative pivots at 58.90. Inside day. Under today's low should see 55.29 recent low and then46.50 level. Day to swing
ADM Negative pivots 27.91. Bear flag which breaks under today's low and could see 26.00 recent low with better support at 24.30 area. Day to swing
FXI Negative pivots 36.73. Recent low 35.02 and could see 33.20 since not oversold. Risk today's high. Day to swing
LVS** Negative pivots at 42.78. Bearish engulfing pattern. Under all the moving averages. Would sell close to the FTP. If opens above 44.40 no short. Otherwise, 36.05 most recent low. But could see 20.00 if market stays weak. Day to Swing
VRSN Bearish Engulfing pattern. Negative pivots at 30.13. Would try to sell against that point. Under today's low could see 27.65 recent low and then 25.00. Day to mini
Goodnight!