Hopefully shorts did not have a Tryptophan high from the turkey leftovers coming into today. After all, a 5% drop in a week-you got to expect a rally. Also, 7 is a magic number up or down in a row; statically, the 8th day reverses.
SPY: Island bottom? Need a second close above the gap. Volume-below average but better than the prior 5 trading days. Phase-bearish. 118.52 now key to hold to support a possible island bottom. A close above 120.72 changes phase to an unconfirmed recovery.
QQQ: Could not fill the gap from 54.73 to 55.30, but had a last minute run to close near the high of the day. Volume good, but not as strong a pattern as in the SPY. No island UNLESS it gaps above 54.79 and does not fill it.
IWM: 70.06 the overhead resistance to watch. The looking at 71.00. Had a narrow range day which considering the huge gap higher open is worth noting. On the flip side, like to see 69.00 hold.
ETFs:
GLD 165-167 now an area of resistance which if clears, should bring in some long interest. Otherwise, 155 was the early fall support.
SLV (Silver) Narrowest range in 165 days. Back over 32.00 and the negative bias begins to turn positive.
XRT (Retail) 51.00 the 200 DMA to penetrate. 49.40 important to hold or we could consider this a rally into major overhead resistance.
SMH (Semiconductors) 28.50 the 80 monthly moving average. Month ends soon-will watch to see if semis can keep the long term trend intact. 30.75 resistance to clear
XLF (Financials) Held 11.97 with today's low 12.00 which means we can look at a possible island bottom if gap is not filled. 12.37 next resistance then 12.60.
XLE* (Energy) Also a possible island bottom and resting on the 50 DMA which keeps this group compelling.
IBB (Biotechnology) First one to near the 200 DMA. I would not discount this group to lead, but we will need to see the other ones follow. For now, 99.50 resistance and 97.00 support.
Longs: Lots of positive pivots and many interesting setups. With positive pivots, can look at OR reversals provided S1 holds. Note: Short-term swing means can leave a tail on after 1.5 ATRs, but not looking at a huge move.
BIIB (Narrow Range 89) Provided it holds today's low, with positive pivots at 110.89, can look at reversal or breakout since today it was comparatively quiet. Like this for a possible run to 119.30. Day to short-term swing
YUM Positive pivots at 54.30 with a risk to under today's low 53.63. Traded this one perfectly a couple of weeks ago when we exited near the highs after 55.95 failed to clear. Now after today, showing a possible move to 59.00. Day to short-term swing
MCK Has the 200 DMA at 79.60 to clear but with positive pivots at 78.28, tight risk to under today's low 77.74. 84.60 good first target. Day to short term swing
LVS I still see the huge channel on the weekly chart which one day will break one way or another. Returned over the 200 DMA at 43.68 but would really like to see today's low hold. Positive pivots at 44.79. Day to short-term swing
WFM Never broke the 200 DMA now at 63.51. Positive pivots at 65.55. If market stays firm could see move back to 74.00. Day to short-term swing
Honorable Mention: Positive pivots in all these picks coming into today making them OR reversals candidates: AAPL RAX CPX MCD CTXS JAZZ CAT OII F.
Shorts: Not too much with negative pivots.
Watch for S1 to break:
HAL GMCR CREE
MOS AMZN
Goodnight!