And just like that, no more overbought conditions in the indexes! While the EU dance around with one another, let's look at my favorite indicators:
SPY: Bye bye 200 DMA for now. Hello the Exponential Moving Average. No change of phase (needed 2 closes above the 200 DMA therefore, still in recovery.) The slope on the underlying 50 DMA still up. Distribution Day in volume and island bottom intact.
QQQ*: Could say the Viagra wore off the last 20 minutes of the session when it failed beneath the prior day low. There is indeed a Golden Cross (when the 50 crosses above the 200 DMA) now in spite of the selloff, which could mean if 56.00 holds here, NASDQ is back in the saddle. Subs: R1 56.84
IWM: 2nd Distribution Day in volume with the island bottom and recovery phase intact. Then again, this never even got close to the 200 DMA. Back to looking at 71.25 to hold with a return move over 73.65, a good sign.
ETFs:
GLD Dizzying. Looks bad, looks good, and looks bad again. Not surprising since this is trading on hope, fear and greed. I started this week negative. Now, ending the week the same way if breaks the 50 DMA.
SLV (Silver) After an inside day, gaps lower-good pattern to make note of. Follow that trend for the day at least.
XRT (Retail) 51.30 support. Over 53.00 now can resume move up.
SMH (Semiconductors) Began the week watching 29.50. Ending it the same way.
XLF (Financials) Not overbought anymore. 12.70 then 12.45 key support.
XLE (Energy) Amazing how it brushed, but unlike the other sectors, failed to cross the 200 DMA. 67.40 the 50 DMA to hold next.
IBB (Biotechnology) 99.75 the 200 DMA.
Longs: List comprised of those that held or closed around prior day low and still have a good chart with positively sloped weekly Bollinger Bands, both featured and honorable mentions. If they gap under the support levels, would most likely stand aside. Closely watch the Sectors holding the 200 DMA like IBB,XRT and especially the QQQ.
SNDK Close to the 10 DMA after 3 days under the FTP at 50.20 and must hold 49.50. R1 at 50.63 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 5 days under the PFTPs at 27.44 (with max risk under 26.71) and R1 28.00 to clear. Then recent highs at 28.75 with next point 35.00. Day to Swing
SHW Inside day and holding the 10 DMA with max support S1 85.05. Negative pivots so should clear R1 86.20 to see test of recent highs 87.00 then onto 90.00. Day to Mini
RRC Inside day with negative pivots must hold 67.24 with the 70 EMA at 66.85 if comes in lower. Has to also clear R1 69.11 and ideally today's high. Resistance at 73.00 then 76.00. Day to Mini
SPG Should hold today's low but the 50 DMA is the better support at 120.00. Then has to clear R1 122.93 to see a test of 125 then possibly 130.00. Day to Mini
Honorable Mention:
PFTPs OR Reversal ok: HANS (S1 94.69)
Holding key longer term moving averages with PFTPs TZOO (S1 25.21 R1 26.67)
Giving these another chance if holds the support mentioned and clears R1 GOOG (611.70 R1 623.85) CAT (92.60 R1 94.75) RHT (48.60 and clears R1 49.45) SBUX (42.78 R1 43.65) EL(110.50 R1 112.55) RAX (42.19 R1 42.96) HCP (37.49 R1 38.30)
A couple with negatively sloped BB with inside days and the 200 DMA support to hold-BA (200 DMA 69.34 R1 70.92) ADP (200 DMA 51.11 R1 52.12)
Shorts:
CRM negative pivots at 121.67 and should not clear R1 123.00. Also like to see it break 120.65. Some support at the 10 DMA 117.50 then 109.50. If the market falls apart, could see 103.40 then the 200 weekly moving average now at 82.50. Day to Swing
GMCR Negative pivots at 56.69 with an inside day so ideally must break 55.69. R1 57.63. Then some support at the 10 DMA 54.13 and if that breaks could see 53.00 then 32.00 the 200 weekly moving average. Day to Short-term Swing
AMZN Negative pivots at 192.15 with an inside day so ideally must break 189.12. R1 194.22 which should not clear. Looks pretty ugly under the summer lows and could see a drop to 160 or worse. Day to Swing
GS Negative pivots at 101.36 with an inside day so ideally must break 99.00. R1 103.33. Some support at the 10 DMA 96.20 then 87.75 recent lows. Had it's shot to run so again, could get ugly if market fails big. Day to Swing
Honorable Mention: Must break S1 AAPL (388.81) Must not clear R1 and approaching oversold:SYK (47.88) APKT (R1 34.20) APA (96.17) VRTX (29.37)
Goodnight!