SPY Although it traded beneath the 200 DMA, it did not close beneath. If we get 2 closes in a row beneath 128.70 that would put it in a Distribution Phase. SPY is even more oversold that it was last week. Above 129.10 could see a pop. But now, unless it closes back above 131, sell rallies, especially on stocks with weak daily chart setups. The longer term bullish trend on the weekly and monthly still intact for now.
QQQ 56.90 still underlying support on the daily chart. A move above 57.87 positive although the slope on the 50 DMA now negative. BIDU AAPL GOOG all helping keep Nasdaq stronger. Question is how long will the euphoria from recent earnings hold up?
IWM Unconfirmed Distribution Phase with first close under the 200 DMA. 50 weekly moving average still intact at 77.67. Also way oversold. Above 80 would be a good sign that the 200 DMA may remain intact.
ETFs:
GLD Today's sell off worked off some overbought conditions on the daily and weekly. 156.73 the 10 DMA and still important area to hold.
XLE Held the 70 EMA at 75.65. Pivots are positive tomorrow at 76.61. Will watch for a possible long over the FTP, depending on intraday setup with risk.
OIH** Stronger than XLE and also with positive pivots at 157.41. Will be watching the oil and energy sectors as better candidates for a bounce if the market firms.
IYT 91.50 the 50 weekly moving average and major support. Otherwise, over 93.30 new life.
FXI **Held key support at the 200 weekly moving average. With neutral pivots, watch for a hold over 42.25.
XLF Loves 14.62. Over 15.12 back in business.
Note-Volatility has blown out over last week. Would not be surprised to see volatility come in from here-interesting options play to short volatility in the near term.
Longs: Combination of stocks that held S1, had an inside day or Nuggets with good STTP's. Lots to choose from so depending on how market slated to open, narrow your choices to 2-3 stocks only.
Note-BIDU AAPL still strong, but would wait for OR reversals to control risk since pivots positive and held the 10 DMA.
SLB**Broke the 10 DMA now at 91.42. Has 5 days under the FTP now at 90.53. R1 is at 91.87 and over the 10 DMA. Tested and held S1. Condition 2 that will rally if market firms. Risk to today's low over the FTP and confirmed with an opening range reversal. Day to Swing
IDCC** 4 days under the FTP coming in at 67.07. Also inside day today. Risk to today's low perfect line up with S1. Also perfect is today's high with R1 at 69.14 and over the 10 DMA. Will look to buy above the FTP and consider adding over R1 if market is firm. Day to swing
BWA** Positive pivots coming in at 79.89 which must hold. Risk is to today's low 78.82. Bought small position at 79.50. Must really clear the all time high at 82.28 to stay strong, but with tight risk, trading for that possibility. Day to Swing.
DPZ**positive pivots at 26.71 and above the 10 DMA at 26.42. All time high 28.74. Like a hold of the FTP with risk to the 10 DMA to see if can clear all time high. Target 29.30 Day to swing
AMZN 2 days under the FTP at 222.13 with risk to 10 DMA at 218.13 for swing. Has to clear R1 226.60 to stay strong. A tighter risk for shorter trading timeframe-220. Day to mini
GOOG** 4 days under the FTP coming in at 607.15. Fake out today with higher open then failure. Consolidating at these levels. Risk is a bit rich for anything than a daytrade to miniswing depending on how it opens. Day to miniswing
TZOO on list because it crossed and closed back above the 200 DMA and has positive pivots at 55.01. Also held the 50 weekly moving average. Risk is to the 200 DMA at 54.31 with possible rally to 58.37, the 160 EMA and Friday's high. Day to mini
Hon mention positive pivots and must clear the 10 DMA CF ANF APA
Post earnings HSY 60.99 all time high CERN over 67.00 over Bollinger bands with 68.17 all time high
Also note several real estate stocks AIV HPT ATW and SPG near 52 week highs with positive pivots.
Shorts: TMO was a perfect short trade reaching the target at the 200 DMA today
PAY Provided it trades below the FTP at 39.20. Today low 38.05
SINA** Negative pivots coming in at 107.50. Would not be short over that number, but under especially if fails the 50 DMA at 105.61 could see move down to 91 area. Day to swing
GDX A break of S1 at 56.66 also breaks the 160 and 70 EMAs. The 50 DMA at 56.10-under that lots of room to downside. Risk is 50 weekly moving average 57.51 which corresponds with a move over the FTP. Day to swing
NETL* Under the 50 weekly moving average at 34.97 which is exactly where the positively sloped FTP comes in. If stays beneath can short. Needs to break S1 34.18 with target at 33.09 then 30. Day to swing.
Goodnight!