Looking at the S & P 500 (SPY) chart, the important number to hold is the upwardly sloping 50 DMA at 122.73. That would keep the island bottom and phase intact. Furthermore, the 80 monthly moving average comes in right there as well, 122.87.
I look at 3 things concerning the 50 DMA-the slope (which is positive), the number of days the price breaks above or below for a phase change (has to be 2 consecutive) and the daily volume once it trades at the moving average relative to the daily average. Today's volume pattern has no significance as far as phase strength or change.
SPY: Subs: Must clear R1 125.03
QQQ: .55.67 is the low from 11/30 and key to hold up along with the 65 weekly moving average at 55.45. Subs: With the Golden Cross and price right there, not ruling out the possible gift. Must clear R1 56.59
IWM: DOJI and inside day. Subs: R1 73.80
ETFs:
GLD Got negative in metals end of last week, but when it gaps so much lower, very hard to control risk.
XRT (Retail) Inside day after Golden Cross last week. Subs-Through R1 53.47 very encouraging.
SMH (Semiconductors) Gap from 11/30 intact as long as 29.55 respected. Subs: R1 30.27
XLF (Financials) 12.75 a key moving average support to hold and if does, will see that as a good sign for another run to 13.60 for now.
XLE (Energy) Held the 50 DMA. Subs: R1 69.40
OIH (Oil Service Providers) Good daytrading short if followed Friday's range break. Still vulnerable at these levels
TBT (Ultrashort 20-year Treasuries) After a huge green candle last Friday, today had a narrow range, inside DOJI day. Subs: Could follow through R1 19.63 with stop under S1 19.20
IBB (Biotechnology) Held the 200 DMA to close just ok compared to retail. Has to distance itself from the 200 DMA.
Longs: Looking for names that have held their gaps and/or with good daily charts and upward sloping weekly Bollinger Bands.
RHT Good risk to S1 48.40 and with only one day under the FTP at 48.97 should clear R1 49.57. Recent high 52.95 and if that clears could see 55.50 area next. Day to Short Term Swing
SPG Sideways action, holding the gap and the 50 DMA at 120.85 with today's low max risk. Should now clear R1 123.07 to continue move past 125 then 131.00 (near all time high). Day to Short Term Swing
CVX Held the gap from early December with a test today of the 200 and 50 DMA now max risk 101.42. Negative pivots so ideally must clear R1 104.43 to see 110-recent highs and good resistance for now.Day to Short Term Swing
SNDK Has underlying support at the 50 DMA which means if comes in lower will watch that area to hold. Otherwise, R1 is 50.44 which needs to clear to see possible run to 53.46 2011 high and beyond to 60.00. Day to Short term Swing
INTU Still holding the gap from end of November and touched the 50 DMA at 52.13 with today's low 51.98, a good risk. Now should clear R1 53.20 then has room to 56.40 recent high with potential to 59.00. Day to Short-term Swing
VFC 3 days under the FTP and touched down once again on the 50 DMA with Friday's low, now max risk at 133.54. Should also clear R1 136.42 then has room to 142 with a possible run to 147.50 next.Day to Short-term Swing.
Honorable Mention:
OR Reversal: SBUX (Inside day PFTPS at 43.74) RAX (Inside day PFTPs 43.60)
Must Clear R1 : IBM (193.66) AAPL* (391 should hold R1 394.02 to clear) GOOG (657.74) URI(27.56) COH (61.89) UA (81.13) TGT* (53.74) LTD (40.74) ESRX (Narrowest Range 35 Days-R1 45.76)
Shorts:
GMCR Inside day, Negative pivots at 56.59 R1 57.90. Under 55.50 could see a move back to 48.50 next and possibly lower. Day to Short-Term Swing
SYK Negative Pivots at 47.16 with R1 47.47. Support at 45.44 then 43.75. Day to Mini
ANF Like to see it fail 48.55 to see 44 and lower. Negative pivots at 49.33 with R1 49.91. Day to Short-Term Swing
Honorable Mention: OR high Failure against R1 but Approaching Oversold: NFX GS CF AMZN
Goodnight!