NOTE: See MMMDaily for A Pop (Poop) Quiz:
SPY: I wouldn't mind a test of the 50 DMA at 120.00 with the Relative Strength Indexes (RSI) looking oversold. But, first it must break 122.25 and stay below 124.50.
IWM: Looks like Midcaps are winning the tug of war with QQQ so far. But the game is not over yet. The 50 DMA 69.75. Back over 73.90 encouraging.
QQQ: A weekly close under 55.65 would take out its muscle. But for now, the 200 DMA at 56.40 especially on a weekly close is the nearest area to watch.
ETFs:
SLV (Silver) 32.80 next area to watch for break to see 31.50. Otherwise, until it closes above 34.45, bear phase intact.
XRT (Retail) 50.55 the 200 DMA. One I would put at top of the list if gets there and registers oversold on the RSI.
XLK (Technology) 25.50 the 200 DMA.
XLF (Financials) 12.64 the 50 DMA and looking like the first one to likely get there.
IBB (Biotechnology) In hindsight, this has lagged for some time now and perhaps an early warning that was hard to see. First one that will get oversold, but under the 50 DMA (95.50) with a negative slope anticipate would think more of a relief rally than a reversal of trend.
OIH (Oil Service Holders) Exodus. Looking to see what happens at the 50 DMA 121.25.
Longs: Looked for a combination of ones that held S1 and have moving averages close by. May not be a bad time to watch the dust settle.
JAZZ Positive pivots at 35.00 with S1 33.62 which is close enough to the 200 DMA to make it an excellent risk for swing traders. Even a candidate for a reversal. Oversold now on daily RSI. First Target 37.15 then 41.00. Day to Swing
ULTA 2 days under the FTP at 71.55. Held the 10 DMA at 70.86 and ideally needs to clear R1 72.60. Since hard to be in love right now, risk is 67.30 max for swing and under today's low for mini. Recent highs to clear 75.70 then could see higher. Day to Swing
AMGN (NR 12) Gapped higher after earnings, holding above at today's low 57.37 and now 2 days under the FTP at 57.69. The 10 DMA is 56.77 and the 200 DMA the max risk 55.52. On the 80 monthly moving average, 60.00 is a significant number to cross. R1 58.01. Day to mini unless crosses 60.00, then can stick for swing.
HLF Down 5 days and holding the 50 DMA at 56.30 a good risk point. Pivots at 57.50 and R1 which has to clear is 58.03. Let's see what happens if climbs to 60.00 Day to mini
Honorable Mention: OR Reversal PANL* (as long as the 50 DMA holds) Must clear R1 CNI YUM BIIB UTHR (NR 18) PCLN (Inside day 552.85 new all time high close)
Shorts: When I look back, swing traders who like to short against major moving averages - VRTX from 10/19 under 40.05, SINA from 10/30 under 86.00, more recently WYNN entered under 130.00 CHK LEA TWC and today LO on the OR high failure. Fine examples if you are inclined to sit with trades.
CI (NR 17) Negative pivots at 42.45 and should not clear R1 42.93. A weekly close under 42.30 breaks the 65 weekly MA. Then could see move to 38.80 and then 36.50. Day to swing
RIG Negative pivots at 50.66 with R1 51.29. October 4th low 43.15 and under that 41.95 multi year low then 20.00. Day to Swing
DO (NR 18) Negative pivots at 64.25 with R1 64.88. Next support 60.63 under that trouble. Day to Swing
AGU Negative pivots at 77.81 and R1 78.73. Could see drop to 66.00 then 60.00 or lower. Day to Swing
Goodnight!