QQQ overbought and could not soar through September high 57.35. Definitely the top of the summer/fall range, but with QQQ and SPY both having an accumulation in volume, market searching for other clues as well. CELG failed the 2010 high with today's close after testing it and rallying beyond it early on. But, managed an inside day. Since it has been a leader, worth watching from here. XLK, the first one we bought on the reversal day October 4th, touched and then closed beneath the 200 DMA today. Same with FXI. All the indexes but QQQs are in a recovery phase. That is in an unconfirmed Accumulation Phase. Will look to see if holds or fails 56.25 the 200 DMA and how the volume looks as well. Slope on the 50 DMA which has been negative, turned positive in QQQ but still declining in SPY DIA and IWM.
Subs-all indexes have positive pivots making them OR Reversal candidates until S1 breaks.
SPY: S1 120.00 Next support 117.50. September high123.51
DIA: S1 114.27 Next support 111.90. 117.03 September high.
QQQ: 57.35 September high. S1 56.37. Next support 54.90.
IWM: S1 69.12. Support 68.50. September high 73.39.
ETFs:
GLD Good to watch if insomniac and need help falling asleep. 162.50 support. Measured move to 170 if holds.
IBB (Biotechnology) Bearish engulfing candle and negative pivots. Interesting stall. September high 99.54. Support 93.50
XLE (Energy) Still could not cross the 50 DMA at 64.63 on a closing basis. Under 63.30 caution.
OIH (Oil Service Holders) Under 115.00 vulnerable. The 50 DMA a bit away at 124.00.
TLT (The 20 year Treasuries) 7 and counting down days and oversold. Subs-Held the 50 DMA. Over R1 115.27 could get going.
XRT (Retail) August high 50.50 which eked above in closing basis. 50.00 needs to hold.
Longs: Research tonight considers everything from phase, slope, condition, days above/below pivots, when the pivots flip the stack from negative to positive and reverse, plus short term trading patterns.
WYNN (Oct 31) Provided 135.80 the 200 DMA holds, had a narrow range and inside day with neutral pivots at 138.29. Over 140.40 takes out today's high and still has to clear 140.85 with a close above the 50 DMA to see a gap fill to 145.14 or beyond. Day to swing
CHKP Condition 1 with 2 days under the FTP (Remember that Condition 1 stocks are considered under the FTPS. Can buy ½ over pivots and ½ when clears R1 provided risk sets up). If clears the FTP at 56.50, Swing traders can use under the 10 DMA 54.85 mini S1 55.79. R1 at 56.86. Day to swing
ED (Oct 31) Condition 1 with 2 days under the FTP at 56.60 with R1 56.84. Good risk to under today's low and S1 56.33. Day to swing
MOS (Reported) Over the 80 month moving average although still far from the 200 weekly overhead at 67.55. Positive pivots at 55.85 and good risk to S1 54.71. First resistance at 63.50, the 50 DMA to contend with. But if can clear and hold over 55.70, the low in August before its recent selloff, can see holding for a swing. Day to swing
NEM (Oct 28) Condition 1 with 2 days under the FTP at 64.12. Risk to S1 good 63.17. R1 at 65.02 to clear to see move to 68.00 with recent high 71.25. Day to swing
Honorable Mention: OR Reversal with positive pivots PANL SPG CB (Oct 20) PX (Oct 26) VFC(Oct 24) VMW (Through R1 91.34)
Shorts:
RIG Negative pivots at 49.45 Risk 50.40 since inside day. The 10 DMA at 47.50, which if fails, could bring this to 43.15 recent lows. Day to swing
CF Negative pivots at 143.99 with inside day. Today's low141.05 has to break then can see135.25, the 10 DMA. Day to mini
CLX (Nov 2) Negative pivots at 67.07 with clear risk over the 20 DMA at 67.85. Under S1, 66.40, the 10 DMA could see drop to 63.50. Day to mini
CAM (Oct 27) Changed Phase to Bearish Today with positive pivots. Cannot clear 48.85 the 160 EMA and has to break S1 47.00 to stay short. Then can see the 10 DMA at 44.60. Day to mini
Honorable Mention: KSS (Nov 10) AMGN (Oct 24) IDCC (Oct 24) Inside day with negative pivots; Could not clear the 200 DMA
Goodnight!