Monday, Emini S&Pcontinuous contract @ES, closed above the 200 DMA. Tuesday, S&P 500 (SPY) did on low volume. DOW (DIA) and Russell 2000 (IWM) did not and still have a distance to go to test it. NASDAQ 100 (QQQ) is holding the 200 DMA and now must take out last Friday's high to continue, or will prove to be an anemic bounce at best.
S&P 500 (SPY)Subs: Pivots positive in all indexes so now we watch S1.
Russell 2000 (IWM) Subs:Cleared R1 and stopped at the channel line shown to you in a past video. Over Friday high encouraging. Under S1 not so much
Dow (DIA) Need a move over 121.45 to see 122.45 or not so impressed
ETFs:
GLD Two inside days-compression. Subs: Long. Stop under Monday low
XLF (Financials) Nice bullish engulfing pattern after testing and holding the new 2012 low 13.30. 13.77 is the 200 DMA. Now like to see 13.50 hold.
IBB (Biotechnology) Look to see if can take out Friday high.
SMH (Semiconductors) Look to see if can take out Friday high.
XRT (Retail) Like to see 57.00 hold.
IYT (Transportation) Inside day
IYR (Real Estate) Like to see 60.00 hold
USO (US Oil Fund) Holding 2 year lows. Now has to clear 31.87 Subs: Raising stop to under today's low
Longs: On categories: Gap higher days we go to all categories and choose ones with lowest risk that break the opening range. On weaker days, we look at Category 3, especially if the picks hold S1, previous day lows or a major moving average and have a good risk on the reversal. The difference between Category 1 and 2 is the stock condition-a Condition 1 is strongest stock and more likely to make a parabolic move.
NOTE: If you stuck with your plan and bought the reversals or breakouts on lots of picks EW SHW WFM MCP to name a few, placed stops and walked away, you walked away happy. If you did not have a plan or had one and did not follow it-then you must make a commitment to yourself to change that. If you are looking to just blindly follow-that is not a plan. If you are looking for someone to help you learn to navigate the markets in all phases, then you started your plan when you found us at MG! And, if you think you do not have to do any work to be a successful trader-one word comes to mind-delusional! Watch today's video.
Category 1:(Aloha) Positive Phase, Condition 1, 2 days under the FTPs, Risk to Previous Day low, Can buy ½ over FTP and ½ over R1, Target- Day to at least 3 ATRs from entry: N/A
Category 2:(Pipeline) Positive Phase, Condition 2-3, 2 days under the FTPs, Risk to Previous day low, Can buy ½ over FTP and ½ over R1, Target- Day to at least 3 ATRs from entry: N/A
BBBY 5 days under pivots. Must hold 69.65 clear 71.43
Category 3: (Double Up) Positive Phase, Condition 1 through 4, Positive Pivots which means can either buy a opening range breakout or candidate for Opening Range Reversal, with Risk S1 or previous day low, whichever is lower unless noted differently, Target- Day to at least 3 ATRs from entry: NOTE: None of these strong stocks are overbought. A lot will depend on the overall market
BIIB 131.00 is the 10 DMA to close above and 130 area to hold
EQIX Must now clear 159.62 both R1 and the 10 DMA
SHW Like to see 126 hold. All time high 130.25 which if market holds, looks doable
AMZN Underperformed with DOJI day. Like to see 213.85 clear and 211 hold
EW 85.75 now number to hold
WFM Like to see 87.50 hold on a closing basis.
QCOR The FTP at 41.10 is pivotal-like it above. Avoid if below
VECO Like to see 33.95 hold
Category 4: (Rip Tide) Oversold (2 or more days under FTP), Condition 1-4, Needs to clear R1, Risk previous day low unless noted differently, Target- Day to at least 3 ATRs from entry:
SWI Inside day. Scratched on the trade. Not oversold, and now has to clear 43.27. Positive Pivots
Others: TRIP 40.45 max risk. Over 41.26 good P Nearly 2 inside days. Narrowest range in 20 days. Max risk 9.90 Like to see 10.45 clear
Slingshots: CRMConfirming slingshot provided 132 holds. Long:NFLX Must hold 63.95
Shorts: Waiting for more confirmation of next market direction
Category 5:Titanic-Bear Phase, Negative pivots, not oversold, Risk R1 or previous day high. Target: Day to swing N/A
Category 6: White Cap-Having a 2-3 Day correction over the pivots. In a Negative Phase, Positive Pivots. Can sell an Opening Range High Failure if happens below R1 or previous day high whatever is higher and/or weakness if breaks S1 and prior day's lows
BHI Cannot clear 41.54
Goodnight