Wow! After a bank downgrade, central banks unite and away we go. Island bottoms, which were confirmed yesterday, now looking like a possible game changer (with a little help from our friends.)
SPY: Great to see volume and a phase change to recovery (unconfirmed) after the island bottom. Even though the RSI on the daily is getting close to overbought, lots of room on the weekly and monthly ones. 123.45 area support and the looming 200 DMA at 126.78 resistance.
QQQ: Phase changes faster than my dog chows down her dinner. With a now what could be an island bottom in the making day, back over the 200 DMA at 56.30. AAPL snoozed with a narrow range day until the final few minutes. Accumulation Day in volume (first one in awhile). Got some hurdles in the leading stocks. Keeping a watchful eye.
IWM: Midcaps, so nice of you to close the month above the moving average. 77.00 is the biggie and 71.75 area must hold.
ETFs:
GLD Still declining 50 DMA even with the gap higher. Watch to see if today's low holds.
SLV* (Silver) Unconfirmed phase change to recovery-back over 32.25 especially for the week and bottom could be in place for now
XRT (Retail) Gap above the 200 DMA. If it stays above 51.00 positive.
SMH (Semiconductors) 30.75 the weekly moving average to clear, then the 200 DMA. Today's low has to hold.
XLF (Financials) Was the first sector I watched for the island bottom and once cleared the 50 DMA is was off. Now want to see 12.35 hold.
XLE (Energy) Like to see 69.20 hold and also would like to see some sideways action before it blasts through the 200 DMA.
IBB (Biotechnology) 99.50 now support.
Longs:
TSLA (Narrow Range 38) After the move up, now in a holding pattern with inside day and not overbought. Has positive pivots at 32.63 with S1 near today's low, a good low risk area to hold. Over 33.00 R1, could see a return to 35.00 with all time high 36.42. Day to mini
JWN Like to see it clear the 200 DMA 46.35 but is holding the weekly and monthly moving averages which makes 44.25 key support now. Positive pivots at 45.44. Then, next hurdle the 50 DMA at 48.66Day to Short-term Swing
GOOG (NR 27) Gapped higher then pretty much nothing. 600 must clear then we are back to looking at a move up to 650. (Déjà vu all over again) Max risk now 592. Day to Short-term Swing
NTAP If gaps over the 50 DMA at 38.14 leaves an island possibility. Over the weekly and monthly moving averages which is why on list. Then 36.75 would have to hold at max and best case, the low of the gap higher. Day to Swing
Honorable Mention: Positive Pivots and must hold S1: IBM* AAPL (NR 16) YUM (new high close)FSLR BIIB JAZZ* NSC ESRX LVS (watching BIDU)
Shorts: All positive pivots so must break S1
ANF Back over the 200 weekly but under the monthly and no longer oversold. Needs to break S1 at 47.22 since pivots now positive. Day to Swing
SOHU S1 48.63 CREE S1 24.45 AMZN 188.92
Goodnight!