4 Accumulation Days in volume and a close above the illustrious 200 DMA in S & P 500. Officially overbought on the 2-Day RSI but not on the weekly or monthly. Midcaps (IWM) on the other hand, had a distribution day in volume closing slightly down on the day. NASDQ (QQQ) slightly up, slightly better volume and ever so close to the 50 crossing the 200 DMA (Golden Cross). And that 4 day intraday trendline broke down only to see the price close above. It's a stock pickers market with the Good, the Bad and the Ugly for your choosing pleasure or pain.
Subs: SPY: Negative Pivots 126.29 S1 125.33 R1 127.62
QQQ: Negative pivots at 65.92 S1 56.49 R1 57.48
IWM**: Negative Pivots 74.29 S1 73.53 R1 75.46 (Big focus and follow over R1)
ETFs:
GLD* Cleared Tuesday high resuming bounce off of the 50 DMA and looking more on solid ground.
SLV (Silver) Inside day. Subs*-Positive pivots 31.63 with S1 31.35 the point to hold or break
XRT (Retail) A contender for more upside over 53.50.
SMH (Semiconductors) Expansion of the range over the last couple of days and over the 200 DMA.
XLF (Financials) Next overhead resistance at 13.48 as 2-Day RSI signals overbought.
XLE (Energy) Subs* Over R1 71.18 would look to follow provided pivots which are negative at 70.50 level hold up.
IBB (Biotechnology) Touched down and held the 200 DMA. Subs* R1 102.17
Longs: In today's video I describe how to use the Honorable Mentions. All long choices have positively slope weekly Bollinger bands above current price, have corrected to moving averages giving them low risk and still are in good conditions. With the market at such a critical point, main focus will be on metals, indexes and ETFs * above.
RHT The 10 DMA is now max support at 48.80. 2 days under the FTP at 49.63 and R1 50.29 to clear. Then, also could see a move over 53 to continue a run to 55.00. Day to Short-term Swing.
SBUX Corrected to the 10 DMA at 42.90, max risk. Only 1 day under the FTP which is negative at 43.64, so must clear R1 44.27 to see a test of 44.70 with a move above new all time highs. Day to Short-Term Swing
SNDK Close to the 10 DMA after 2 days under the FTP at 50.21 and must hold S1 and today's low 49.50. R1 at 50.91 to clear. Then have overhead resistance at recent highs and over 56.00 can see a move to 60.00. Day to Short-term Swing
URI 4 days under the FTP at 27.27 with max risk under today's low 26.71 and R1 27.84 to clear. Then recent highs at 28.75 with next point 35.00. Day to Swing
Honorable Mention: GOOG Still looks good if holds 619. Opening Range Reversal PTFPs: HCP SHW* SPG EL* Must clear R1 VFC (139.17) RRC (Must hold 68.05 R1 70.03) CAT (95.52) JAZZ(39.60) RAX* (43.16) APA (On Yesterday's short list but after Inside day watch R1 98.34)
Shorts:
APKT (Narrowest Range in 201 Days) with negative pivots at 34.47 and should not clear R1 34.93. Under today's low breaks the 10 DMA then has room to see the 200 weekly moving average at 26.00.Day to Short-term Swing
SYK Must not clear R1 48.64 with negative pivots at 48.06. Could see 43.75. Day to Short-term Swing
Honorable Mention: Look at Strength or Weakness and Must not clear R1: AAPL (391.19) CRM(123.69) VRTX (30.00) MAN (37.90) GMCR (58.52) CREE (26.03)
Goodnight!