Interestingly enough, there is US economic data to make a case for the market to hold (jobless claims fall, earnings for 3rd quarter ok). But with European worries and other economic data that suggests otherwise, a case for weakness exists as well.
The last 3 Fridays were choppy, inside days on low volume. (Wait-today was an inside day in SPY DIAonly.) With Veteran's Day tomorrow, expect pretty much the same type of day. Happy Veteran's Dayand a big thank you to all who have served their country!
SPY: Below 124.50, under the 65 weekly and over the 80 monthly moving average. Slope on 50 DMA is positive, phase unchanged. Stuck in the middle with you. Subs-positive pivots R1 at 125.12.
IWM: The 50 DMA 69.75. Back over 73.25 encouraging. Subs-pivots negative. Must clear R1.
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. Subs-over today's high 57.42 encouraging
ETFs:
GLD Slope on 50 DMA still declining, but price tested it today. Subs-R1 172.87 to clear
SLV (Silver) Until it closes above 34.45, bear phase intact.
XRT (Retail) Inside and DOJI day. Not surprising to see indecision. Subs*-over 52.46 looks compelling
XLK (Technology) 25.50 the 200 DMA. Watch the weekly close.
XLF (Financials) Inside day. 12.64 the 50 DMA 13.10 an area to clear
FXI (China) Inside day
OIH (Oil Service Holders) Subs-R1 128.93 to clear Under 124.50 see 121.10 the 50 DMA next XLER1 71.62
Longs: Please make a note of the day I write about a stock since that is when I am specific about targets and timeframe (Day to Swing). When I tweet an entry, even if at a later date, I try to specify the stops and type of trade. Otherwise, the parameters of the trade and market condition might have changed if you enter on your own at another time. Good time to check with me if unsure.
AMGN Entered ½ position at 57.95 on the OR breakout, but since it could not clear R1 58.23, will consider adding if it does. The 10 DMA is 56.76 a good risk for now. On the 80 monthly moving average, 60.00 is a significant number to cross. Day to mini unless crosses 60.00, then can stick forswing.
FFIV (NR 19) Positive pivots at 107.35 and only 1 day under the FTP (Good OR reversal candidate). Today' slow 106.28 is a good risk. Even swing traders should only risk to under the week's low 104.05 since that is the 65 weekly moving average. Like to see a close over today's high which also clears R1. Then target 122.00 then 137.00. Day to Swing
TSLA (NR 8) Good looking wedge/flag forming with positive pivots at 31.17 for a possible OR reversal. 31.50 today's high with R1 31.69. Risk 29.50 for swing, 30.65 for mini. Could see last December high 36.42. Day to Swing
EOG Positive pivots at 99.75 and bumping up against the 200 DMA which clears over today's high. Already cleared the 65 weekly MA at 98.10 which is a good risk for swing right now. If closes over the 200 DMA could see 112 then 121.00. Day to Swing
Honorable Mention: OR Reversal CNI NSC GPC (NR 21-Day to mini) Must clear R1 JAZZ (To stay interested, must clear 35.53) YUM (55.19) EQR (57.77) AVB (NR 16 Must hold 124.38 -200 DMA and clear 127.00) VLO (26.28 then Day to Swing)
Shorts:
AGU Negative pivots at 77.19 and R1 78.85. Could see drop to 66.00 then 60.00 or lower. Day to Swing
APKT Must break S1 36.50 since pivots positive at 37.23. 29.25 recent low. Day to mini
Honorable Mention RIG (R1 50.44) WHR (Under 52.18) IBM (Under 181.90)
Goodnight!