SPY Confirmed in a Warning Phase. With a declining slope on the 50 DMA means it is a strong warning. 129.63 the low from 7/18, still a support area. Telling was that none of the indexes were able to get above R1 today. Now, the number tomorrow is 131.32 should the news from Washington bring us relief. Otherwise, below 129.63, the 160 EMA is next support at 129.13.
QQQ Held up better along with many of the leaders. Still has a positive sloping 50 DMA which is still quite a distance from the current price. Also failed the FTP and R1 which needs to clear to resume the move up. 58.80 R1 tomorrow.
IWM Holding the 200 DMA even though it closed weak. The hammer candle most likely means that the way IWMbreaks from here is good to follow. Under the 200 DMA at 79.51 not very healthy but over 81, could be new life.
ETFs:
GLD-Now 2 days under the FTP and held the fast moving average at 156.30 so trend very much intact. 157 is the FTP. Provided it holds today's low, could be ready to resume move. Under todays low, could see a move to 154.
SLV After the Bearish Engulfing Pattern, had follow through to the downside. Also 2 days under the FTP coming in at 38.80. Sloppy chart pattern on daily, not surprising given the uncertainty about next direction.
XLE**Held the support 77.09 with today's low 77.07. Hammer candle close. Over 77.92 looks better. Under today's low and could see test of the 50 DMA at 75.10. Bullish trend still intact.
OIH inside day. Under 158 could see a dip to 155.50 area. Otherwise, above today's high still looking for a move to 166.
IYT 200 DMA at 93.20. Inside day and still oversold on the 2-day RSI. Above today's high could be a key reversal. Otherwise, the 200 DMA is looming.
IYR 60 good support especially since also oversold on 2-Day RSI. 61.00 first area to get back through. 63 for now, double top.
SMH Broke the 50 weekly moving average. Big area to watch for either a move above or now resistance.
FXI **if holds 41.90, would consider buying again with a risk to under 41.77 the 200 weekly moving average
XLF Over 15.00 back in business. Otherwise, 14.45 recent low and support
Longs: Condition 1 and 2 and Inside Days. Miniswing and/or Swing traders who decided to tough it out should be long JVA IBM CF MCP from last night's long picks. Daytrade targets 2:1 risk/reward. Miniswing target .5 ATR then 1.5 ATRs. Swing Target 3 or more ATRs
ISRG** closed on the 10 DMA at 389.58. The FTP is at 392.11 and R1 at 395.68. Risk is today's low 388.55.Day to swing.
GPOR**Reports August 4th. After market move which could bring it in on a gap higher provided it opens above 35.99. All time high 38.09. Now must hold today's high 34.90 area. Day to mini
BEXP**Reports August 8. Inside day 3 days under the FTP at 32.09. Must also clear R1 at 32.40. Decent risk 31.42 for mini and under today's low for daytrade. Day to mini
SLB**Holding the 10 DMA at 90.88. 3 days under the FTP at 91.83. Must clear R1 at 92.31. Risk the 10 DMA for swing/mini and today's low for daytrade. Day to Swing
JOYG Condition 4. Reports August 31. Oversold and approaching the 70 EMA and daily chart support at 93.40 with today's low 93.38. 3 days under the FTP now at 94.30 with R1 at 95.21. Risk to today's low Day to swing
BIDU** 2 days under FTP coming in at 159.20. R1 at 161.85. Risk the 10 DMA at 154.73 for swing. Mini under today's low. Day to swing
Note: AAPL also Condition 1 Nug with 2 days under the FTP at 392.34. AAPL has to hold the 10 DMA at 386.94.
Post earnings trade to watch: VOD
Shorts: Mini/Swing positions today in WHR DO DE-watch for oversold conditions especially if market firms
BA** Inside day. Still hanging onto the 50 weekly moving average at 70.42. If it takes out today's low, with negative pivots at 71.20 as a tight risk, next support at 69.00 area. Day to swing
NFLX Under the 50 DMA at 267.33. Negative pivots at 266.77. If breaks today's low 263.11 has some support at the 70 EMA at 260.64. Over 270.45 would not be short. Low after the earnings was 251.46 should it break down. Day to swing
Goodnight!