SPY Technically, the closing price during NY hours was positive and the volume posted an Accumulation day although still under the daily average. In the eminis 1200 now pivotal. Since the McClellan entered overbought territory, possible to see a break of 120 and then a test 118.50. But the question now is whether or not that will be a test of support or the end of the rally?
DIA 115.00 is a pivotal point. A break of today's low and next support 113.00. Above today's high and could see a test of the overhead moving averages at 118.50.
QQQ Perfect move up to the 50 weekly moving average at 55.34. Now, 53.60 is critical support. LikeSPY in overbought territory. Would continue to raise stops on the longs in AMZN AAPL BIDU GMCR, etc. And, would probably not look to put on any new longs until after the holiday if everything holds support levels.
IWM A break of 71.50 S1, will look for 70.25 level. Subs-As with all indexes, a reverse in the recent rally will confirm if violates S1 and pivots turn negative.
ETFs:
GLD Contrary to what I read on twitter, this is not overbought. Yesterday's inside day followed with a gap higher and a great Opening Range breakout. 176 is the new line in the sand to hold on new longs. 182.50 some interim resistance and 184.82 all time high.
SLV Closed above the fast moving average but now must clear 40.45 especially on a closing basis. Would use today's low as a risk for miniswing. Some resistance 41.19 then 42.00 area
USO Held yesterday's low and reached target 34.65 (today's high 34.63) Through today's high next resistance 35.20. Otherwise, a failure to get through today's high and a break of 33.90 and could see quick drop to 33.00.
SMH Has positive pivots, but could not clear the adaptive moving average. Unless it takes out the highs this week, could see a drop to 28.50.
IBB Ran to the 50 weekly moving average at 96.90. 94.00 now support to hold.
XRT Closed over the 50 weekly moving average at 48.97. If that holds next resistance at the 200 DMA at 49.92.
XLF High again today 13.32. Last week's high 13.33. Through there could see a big move to 15.50 area. 13.00 now the support to hold.
TLT Closed well but not through the fast moving average at 108.78. Had an inside day so watch the way the range breaks to follow.
Mish's Vacation: The link to join Daytrading with Hotscans is https://marketgauge.com/dths/ After you log in with your MMM Prem or CSTS email and password, look for the "Live Trading Room" link on the right navigation. Then, Enter the "ORTrader" room. Click on that. Then, the password isdaytrade when you see "Welcome to the MarketGauge Conference Center." Click on Log in again. Then OR Trader. Then, Click "here to Enter Room." A separate window should come up. Hit Next.You can type a question or comment to Geoff/Keith in the "Type Message Here" box and see what others are saying as well. Geoff posts charts of the trades he is following. He also posts a focus list every morning on the main page where you first entered-same right navigation. He lets you know when it is up in the chat box. Typically by 9:15 ET every morning the FL is on the site. Enjoy.
Longs: We have been constantly lightening on rallies but holding small core positions. So many stocks are overbought. I found more reasonable short setups than long ones. Therefore, I am only recommending new stocks that are not overbought with positive pivots. Also, I have listed the stocks recommended lately with targets to watch for or already reached and for possible OR reversals. If any of the longs break S1, would consider exiting all together.
BIIB Inside day. Has to hold today's low. And if breaks today's high, and 94.50 could see a pop to 99.12. Day to mini
CREE Stopped under the 50 DMA at 32.24. Provided it holds 30.96, today' low, and clears the pivots at 31.65, would buy a small position. If clears the 50 DMA could add. Some resistance at 34.50, then 37.00 target Day to mini
YOKU Sold off hard form the highs. But, if holds the lows of last 2 days, 24.55. then has to cross the FTP at 25.63. Then has a reasonable target of 30.75. day to mini
ORCL If breaks above 28.05-breaks above lots of resistance. Once over could see move to 30.00 and possible 31.65. Risk 27.50 Day to mini
Some targets: (tweeted these for miniswing traders and places to lighten for swing) CF 190-reachedCVI 29.29 JAZZ reached ABV reached AMZN reached but could see 223 RIMM reached WYNN reached MA 340 GMCR 108 GDX 64.50 MCP 60.00 SINA 107
BIDU Reached AAPL 400HANS reached ED 57.00 ISRG 385.50 CMG 320 NFLX 251 (Also a good list to watch for OR reversals for daytrades/miniswings provided all hold S1, which is also a good stop point)
Shorts:
PRU Inside day negative pivots. Watch for break of 49.34 then today's low for move to 48.10 and possibly 47.40. Day to mini
GS Provided it does not clear R1 at 116.29, with negative pivots can short under 114.77. Inside day under today' low could see drop to 112.00 Day to mini
FSLR Negative pivots at 101.76. Should not get above 102.94 or would not be short (would even consider long if that happens with 112 target) Otherwise, under the pivots, see move to 96.25 Day to mini
PANL just made a huge move up but if breaks today's low with an inside day, bearish engulfing pattern and negative pivots at 51.45 could see further correction to 40.50 area Day to mini
C Shorted today. Resistance at last week's high 31.58. Pivots are negative at 30.89. First target 29.00Day to mini
Trade well! See you on September 12th.