Now 5th Accumulation day in volume in QQQ. It also tested the 200 DMA and held. SPY managed an accumulation as well and since Friday, with an upward sloping moving average and overbought corrections, signaled the correction was coming, although only a one day correction took a lot of traders by surprise. Energy, (XLE) featured in last night's daily, led. Financials (XLF) is looking at 13.05 (déjà vu all over again.) SPY had an August high of 123.40. Today's high 123.50 and the 160 EMA at 123.55. Important area to get through, with room to upside if does so.
SPY: 120.00 now support to hold
DIA: 117.03 August high. 112 major support.
QQQ: 56.30 the 200 DMA. 57.00 pivotal and 58.19 last week's high
IWM: A close above 71.34 August high 73.89 next with the 160 EMA at 74.28. Support to hold 68.40.
ETFs:
XLK (Technology) 25.50 the 200 DMA. 26.04 last week high.
SMH (Semiconductors) 30.63 last week's high with an old gap to fill at 32.00. Looking at 30.00 pivotal number
IBB (Biotechnology) Comparatively behind semis after a beautiful test and hold of the 50 DMA. Through last week's high looking at the 200 DMA overhead. 95.50 would be a good place to hold.
XLF (Financials) Over 13.05 clears last week 's high and the 70 EMA. Then, could get more excited about this sector
OIH (Oil Service Holders) 121.80 now the 50 DMA to clear. 117 pivotal.
XLE (Energy) 68.80 next resistance. 69.64 August high. Another one that held the 50 DMA today.
XRT (Retail) Back over the 200 DMA. If this is a bottom, could see big move to 58.00. Must continue to close above 50.00.
XHB (Homebuilders) August high 15.41 which was tested and closed beneath. Eye on that level after big candle day.
Longs: ORLY JWN FSLR best setups today. SPG, an older pick which for swing traders using the 200 DMA should still be in from entry last week, had follow through.
TJX (Nov 15) Cleared the pivots but not R1 at 57.86. Trendline breakout over 58.15 on closing basis. Like to see the positive pivots hold at 57.25 as well. 10 DMA at 57.10. If clears all time high 59.72 could see a 10.00 move. Day to swing
MA (Nov 2) The 10 is crossing the 50 DMA. Pivots positive at 337.20 area. R1 343.29. If clear 345, could see move to 352 with all time high 361.94. Day to mini.
LVS I like to list stocks with converging moving averages. This has negative pivots so must clear R1 46.20 which also clears the highs from last week. Swing traders can use risk under 160 EMA 43.20 mini the 50 DMA 44.22. Has an old gap to 48.07 first resistance. Day to swing
WPI (Nov 1) A Condition 1 with 2 days under the negatively stacked pivot at 67.55 so first are to clear. The 10 DMA and 50 DMA are close at 66.65 good risk point. R1 at 68.45 also has to clear. Smaller stock that could see 71.80 or better before earnings. Day to swing MRX (Nov 8) similar
AGN (Oct 26) Through 86.36 goes to new highs. Positive pivots at 85.20 and must hold 84.05. Over new highs, could run with exit before earnings. Day to mini
Honorable Mention: BIIB* (Oct 28) CL (Oct 27) RAX (Nov 7) Over 39.65 R1 OR reversal FSLR DLTR (Inside day) JWN ORLY SPG
Shorts: The ones with negative pivots that I found are holding either a 200 or 10 DMA. Examples: CRM VRX SINA PM. Therefore, watch the indexes to see if fail the key support levels.
Honorable Mention: OR high failure URBN (against 24.10)
Goodnight!