A couple of notable features today. First, the inside day in QQQ and DIA- not the major breadth of the market, but noteworthy nonetheless since GOOG and AMZN held well. Second, the volume- - lightest it's been in months. Finally, SPY and IWM which broke Friday's low- filled gaps from Thursday.
SPY: We don't typically use a simple moving average for indexes or ETFs, but it did hold the fast and a couple of longer term moving averages. 125.80 an area to pierce, 124 an area to hold.
IWM: Didn't feel the love today, but came back to close above Friday low. Over 74.10 encouraging otherwise 72.00 level next.
QQQ: Inside day. Over the weekend I wrote about the perturbing candle formation on the daily chart. It is possible a double top is forming with the 50 DMA a valid neckline if breaks. A close above 58.25 will make that less troubling.
ETFs:
GLD Inside day. 171.80 to hold. Over 175 like it to the highs.
XRT (Retail) Inside day. I have not wavered in my analysis that this sector rocks. Like dips as buy opportunities as this is nowhere near overbought.
XLK (Technology) Has to clear 26.24 and hold 25.50.
SMH (Semiconductors) Second close over the 200 DMA. Subs-Swing stop under 31.40 for now.
XLF (Financials) Sounds like an odd number, but over 13.13 looks better under 12.65 not so much.
XLE (Energy) Looks like with some muscle will blast through the 200 DMA if it doesn't fail 69.00 first
Longs: Some picks from Sunday, especially ones that did not setup today, back on watch. Note: Geoff will be taking over for me beginning this Thursday 11/17. I return 11/28.
PCLN Positive pivots (PFTP) at 536.31 and conservatively 530 should hold. 552.85 new all time high close. Good potential. Day to Swing
BIDU PFTPs at 138.52. Swing risk 133.60 Miniswing 136.50. Resistance at 150 but could go to 163 or higher if market stays firm. Day to Swing
JWN (NR 78) PFTPs at 49.25 and should also clear R1 49.61. Then, swing traders can use 46.22 the 200 DMA risk, mini Friday low 47.65 Daytraders S1 48.78. 53.35 recent high to clear then can see 60.00 or higher. Day to Swing
HAL (NR 109) PFTPS at 38.43. Risk for Swing 36.14, last week's low. Mini 38.00. Over 38.77 next area is 41.50 then 45.00. Day to Swing
CAM (NR 81) Cleared the 200 DMA at 51.24. Negative pivots at 51.63 with today's low day to mini risk 51.03 and swing traders looking at the 50 DMA 48.50. R1 52.23. A close above 52.56 highest close since July. Then could see 58.00. Day to mini
Honorable Mention: OR Reversal CELG LVS* RHT Clear R1: BIIB CVX* (106.83) XOM STT*41.23 EL (116.80) CF (173.75)
Shorts: Have found the short side unsatisfying lately.
CERN Negative pivots at 64.26 risk R1 at 64.72. Under 63.78 breaks today's low and the 10 DMA. Then could see move to 54.00. Day to mini
Honorable Mention: OR High Failure against R1 CTSH GS
Goodnight!
