SPY Finally, we can start to look at the weekly RSI and say we are oversold. The daily RSI has been different, oversold for quite some time now. And of course just because the weekly RSI is oversold, I have seen many stocks with the same indication continue lower. Another big volume day as well. Now, we are pretty far away from the point where one can say the bounce is here. But, 114.23 is the FTP and R1 is 116.43.
DIA The 200 weekly moving average is 107.15. The FTP 109.72 and R1 111.41.
QQQ Still not oversold on the weekly RSI but real close. Some numbers to watch-the FTP is 51.46 R1 52.29.
IWM Broke the 200 weekly moving average at 65.60. Even more oversold than SPY on the weekly. Back over the moving average perhaps we can look at a rally but must also clear the FTP at 66.96 and R1 at 68.82 before we can call anything more than a bounce.
ETFs:
GLD I wrote over the weekend about the power of a bearish engulfing followed by an inside day. Once it gapped higher today, was a classic Opening range breakout buy with a perfect risk. Now, 165.38, S1 support.
SLV Try to rally with GLD, but never cleared previous day high. The slope on the 50 DMA still positive but with a sloppy chart, a declining slope on the 10 DMA and positive pivots, not a great short now unless it breaks S1 37.42.
All of the ETFs are so incredibly oversold yet not signaling any reversal. A few like IBB SMH IYT are still above the 200 weekly moving averages so are the best ones to watch for a sign of a relief rally. IYT is the closest to the 200 weekly at 78.05.
FCG-a much better barometer for Natural Gas-under the 200 weekly moving average now at 18.56. R1 at 18.61-something to watch for.
TLT We know rates cannot go to zero, at least we do not think so. Still watching for this to top out, but not fighting the trend for now.
Longs: At this point, waiting for stocks that are outperforming the market to setup with pivots, R1 and opening ranges before anything more than a daytrade.
BIDU held the 160 EMA at 129.29 and the low from early July. If today' low holds, has to clear FTP at 132.18 and of course R1 at 135.48, but with the 160 EMA as support, look for an entry with a low risk against that point. Day to mini
WYNN tested and held the 200 DMA at 126.93. If that holds, also watch for a low risk entry with the FTP 129.40 and R1 135.10. Day to mini
JAZZ must get back over the 50 DMA at 33.20 with the FTP at 33.25. R1 is at 34.62. Day to mini
NFLX held the 200 DMA at 222.68. The FTP is 227.93. R1 at 234.35. As with all the picks that held key moving averages, can look for a low risk buy-but do not chase if move is extended. Day to mini
CLB**inside day hammer bottom, just under the 160 EMA at 99.45. Must clear there first. Then the FTP is 100.09 and R1 101.24. Could see a pop to 105 if market rallies at all. Day to mini
Shorts:
SLW** Inside day and negative pivots at 33.55 under the 50 weekly moving average at 34.89. Under 32.40 can move down to 30, then 28. Day to mini
GRMN Negative pivots and inside day. Resistance for it to stay below 31.75. FTP at 30.95 and under 30.16, last week low 29.23 then support at 28.00 Day to mini
Goodnight!