"Sarkozy smiling as he leaves the EU meeting." Twitter entry last Friday. He must have known that NASDQ would end the week with a Golden Cross and its 4th Accumulation Day in volume. Now, everything is lined up-the moving averages, phase, near term RSI (Relative Strength Index), volume patterns. If this market can't bust a move by Monday or Tuesday, I for one, will wane in enthusiasm. Incidentally, AAPL had the narrowest range in 128 days.
SPY: 126.50 the 200 DMA. Need I tell you by now, that it must clear with volume, for a couple of days and with decided direction? Subs: PFTPs 125.60 area to hold
QQQ: Subs: PFTPs 56.82 S1 56.44
IWM: First hurdle the weekly moving average, then the 200 DMA. Posted an Accumulation day in volume. Subs: PFTPs 73.97 S1 72.97
ETFs: Some bright sectors/groups and others that had an inside day and need to break the range one way of another. Last thing market needs is more divergence.
GLD Held the 50 DMA with an inside day. Subs: PFTPs at 166.60. If clears R1 and Friday's high 167.35 looks pretty good. Otherwise, caution if breaks S1 165.86.
XRT (Retail) Chart looks great. Watch to see if it clears last week's high. Subs-Must hold 52.50.
SMH (Semiconductors) Even with the weaker open, 29.50 was respected and it rallied with the rest of the market. Has to clear the 200 DMA as well.
XLF (Financials) Inside day and held the 50 DMA. Would follow the way the range breaks.
XLE (Energy) Inside day. This too must clear the range from Friday; then we can talk about the 200 DMA.
OIH (Oil Service Providers) had the biggest percentage gain with an inside day. Another important sector/group to follow whichever way the range breaks.
IBB (Biotechnology) Held the 200 DMA to close just ok compared to retail. Has to distance itself from the 200 DMA.
Longs: To try to keep the picks fresh with a variety of sectors and groups, the older ones are in Honorable Mention if not approaching Overbought and a couple of newbies as well.
AAPL (Narrowest Range in 128 Days) Stayed in the green during last Thursday's selloff then had an inside and extremely interesting narrow range on Friday over the 50 DMA at 390.78. This could go either way. Under the 50 DMA and S1 could spell trouble as it is still working off an island top. Over Friday's high 394.04, would at least look for another test of 410 if market stays firm. Day to Short-term swing.
INTU (Narrowest Range in 19 Days) and inside day with PFTPs at 53.17. Must hold 52.73 Friday's low or could see test of the 50 DMA at 52.00. Also should clear R1 53.62 then has ro0m to 56.40 recent high with potential to 59.00. Day to Short-term Swing
UA PFTPs at 81.72 and must hold S1 80.45 or could see test of the 50 DMA 78.20. All time high was 87.40 and through there can see 90.00-93.00. Day to Short-term Swing
ONXX Back on the list since it had an inside day with neutral pivots at 40.53 and must hold S140.10 or could see quick drop to the 50 DMA 37.65. Also must clear R1 41.05. Then has some resistance at the 10 DMA at 43.00 but if that clears could see 45.90 highest price since 2008. After that, looking at 60.00.Day to Swing
RRC Now 2 inside days with negative pivots and must hold 67.61 with the 70 EMA at 66.88 if comes in lower (not a good sign). Has to also clear R1 68.59. Resistance at 73.00 then 76.00. Day to Mini
VFC 2 days under the FTP and touched down on the 50 DMA with Friday's low, now max risk at 133.54. Should also clear R1 137.83 then has room to 142 with a possible run to 146.50 next. Day to Short-term Swing.
Honorable Mention:
Holding key longer term moving averages with PFTPs; Provided S1 holds, can buy reversals or strength:SPG (S1 122.31) RY* (2 inside days. S1 47.91) TZOO (S1 25.24) RHT (S1 49.14) COH* (S1 61.49) HAL (S1 33.48) SBUX (S1 43.22) CVX (S1 103.11) URI (inside day S1 27.21)
Must Clear R1 : SNDK (51.05) TGT* (53.84)
Shorts:
AMZN Negative pivots at 191.82 and should not clear R1 195.25. Looks pretty ugly under the summer lows and could see a drop to 160 or worse. Day to Swing
CF Negative pivots at 141 and should not clear R1 143.36. Under recent lows 137.86, could see selloff to 125.00 and possible worse. Day to Swing
NFX (Narrowest Range in 10 Days) Negative pivots at 41.61 and should not clear R1 42.36. Under Friday's low, could see some support at 38.20 then 35.00 and possibly lower. Day to Short-term Swing
Honorable Mention: Like AAPL, GS* can go either way after 2 inside days hugging the 50 DMA. Look for a break of 99.00 or above 103.02) Must not clear R1 WYNN (112.25) CREE (24.15) SINA(62.97) PCLN* (483.00)
Have a great Sunday!
