Inside day in S & P 500, NASDQ and almost Russells (took out prior day low by a few ticks). Placement of the inside day especially in SPY most fascinating-tickling the 200 Daily Moving Average. Did not do enough correcting to work off the 2-day overbought RSI, but, did enough to make a move either way from here very compelling to follow.
SPY: 5-day trendline on the 30 minute chart. 123.25 underlying support. The 200 DMA at 126.62, which it needs to close above. Subs-positive pivots at 126.40 S1 125.66
QQQ: Broke the 4-day trendline on the 30 minute chart. All about 56.00 level now. Subs-Negative pivots at 57.14 S1 56.83 R1 57.39
IWM: Doji day, pretty good resistance at 75.40 which if clears looks good to 77.00 and under 74.00 I wouldn't say the party is over, but more than likely more correction follows.
ETFs:
GLD Why we respect a phase. Touched down on that upward sloping 50 DMA and rallied. Not a bad time to check out some mining stocks as well. Subs-With negative pivots at 167.42, needs to clear R1 169.32.
XRT (Retail) A correction which relieved some overbought conditions. Could se4 51.00, but could also see more upside over 53.50
SMH* (Semiconductors) Second doji and now inside day. If there's a chance for a group to take out the 200 DMA, It seems that has the best chance. Otherwise, Under today's low would start to look like correction in store.
XLF (Financials) Unless this gaps under 12.90, see dips as buy opportunities with next overhead resistance at 13.48
XLE (Energy) Even MORE sideways action off the 200 DMA. Can't argue with a close over the 200 DMA, but under 70.70, a correction to 69.50 not so bad either.
IBB (Biotechnology) A correction to 99.70 support is not out of the question. Then we will see what this leading group is made out of.
Longs: I see many of you new subscribers have not signed up to follow me on twitter. I urge you to do so since in these markets, real time guidance is not only something I love to do, but also super important.PFTPS=Positive Floor Trader Pivots.
RRC 4 days under the FTPs at 70.50 with risk to S1 69.75 if clears pivots. Also a doji day. Ideally should clear R1 and today's high 71.49 as well. If does, see move to 76-77.00 next with more possible.Day to Swing
COG I like that at this point the gap higher on 11/30 remains intact. With 4 days under the FTP first must hold 85.48 and today's low, but now must also clear R1 86.81 to see 90-92.00 or better. Day to Swing
DECK Sideways action with 4 days under the FTP at 106.64. Should holdS1 105.53 and clear R1 107.36 to see a move back to 100 and if market firms, possible run to 119-122. Day to Short-Term Swing
HCP Inside day and PFTPs 37.92. Risk S1 37.69 for daytrade, yesterday low 37.49 for mini and under 36.65 for swing. A trendline from the recent high connecting the last 4 highs, breaks over today's high, especially on a closing basis. Then could see 40.50 level with a move above 42.16, new all time highs.Day to Swing
Honorable Mention: Opening Range Reversal PTFPs: PXD SHW HANS Must clear R1 ONXX(43.63) CAT (96.95) SPG (123.46) JAZZ (40.65) CBI* (40.10) BEAV (Narrowest Range in 124 Days R1 39.20)
Shorts: If a pick falls off the list, most likely means it is approaching oversold and the risk/reward for a new entry is not as good as when it was originally recommended. But does not mean it is no longer a good short.
CRM Inside day and back under the 50 DMA with negative pivots at 124.08. Should not clear R1 125.24. To stay with it like to see it break S1 122.15. Then, next support 114.50, 109, then 103.50. Day to Swing
APA No more island bottom and still in bear phase although note the positive sloping 50 DMA below at93.60. Has negative pivots at 97.13 and should not clear R1 98.68. If the 50 DMA breaks, a good one to keep short to 90.00. Day to Short-term Swing.
AAPL This appeared on the short list once it broke the 50 DMA in November, sold off to the 200 DMA, we bought it, got out today; now, it is back under the 50 DMA (391.05) with negative pivots at 391.67 and should not clear R1 393.96. Support at 385.90 then 380.00. Eventually, could see a second test of the 200 DMA, but since this is a leading stock that would not bode well for the overall market. Day to Short-term Swing
Honorable Mention: OR High Failure against R1: BTU* (38.66) IDCC (R1 43.88) EW (65.64)FOSL (88.48) WHR (49.74) GMCR (58.85)
Goodnight!