Midcaps (IWM) had the highest percentage gain of all the indexes. Speaks to layering in to the mix, the positive earnings season in mid and smaller cap stocks. Following the positive volume patterns as well as the slope of the major moving averages and price points have given us the technical clarity. Now, with a little help from Europe, today a game changer. QQQ and the leading stocks continue to lag, a remaining factor in how this all plays out as we end the month tomorrow.
SPY: It seems safe to say that it will close above the 80 monthly moving average, first time since July. Also cleared the 200 DMA and had its 5th Accumulation Day in volume. We look for a second close over a major MA before a confirmed phase change.
IWM: Overbought on the weekly RSI as it got real close to the 200 DMA. Wouldn't necessarily think that this was the peak move today; but, always keeping an open mind.
QQQ: 1.00 away from the high made in July! Watch 58.00 as pivotal.
ETFs:
GLD Closed above the 50 DMA with above average volume, yet lower than yesterdays. Overbought on daily, not weekly. The 50 DMA at 169.15 (slope negative) now pivotal.
SLV* (Silver) Had a death cross yesterday with price bumping up against the 160 EMA and 50 DMA. Overbought on daily, not weekly. Subs: 34.50 now resistance and with phase still bearish-one of the first places to look for a short since it begin to rollover under 33.05.
XLK (Technology) Momentum in its favor yet AAPL underperformed which is 15% of the ETF
SMH (Semiconductors) Approaching overbought on weekly/daily RSI
IBB (Biotechnology) First close over the 200 DMA since early August. Now needs a second close above while the weekly RSI approaches overbought
XLF (Financials) Like this when it held 13.00. Like it today when it cleared 13.48 and no surprise it had one of the highest percentage gain of the sectors/groups. Weekly overbought now with a continued longer term bear trend intact. Now, 15.00 the next hurdle
OIH (Oil Service Holders) Gathered steam alright. Was the highest percentage gainer in the sectors/groups. Stopped at the 160 EMA today. But now, it's all about the gap higher holding up
XLE (Energy) Subs: RIG now 10 days above the FTP -Daytraders can have a party with these if market sells off.
Longs: Swing traders and OR reversal day and miniswing traders had fun today. GLDs been a party.
AAPL 408.42 was the high after it gapped lower post earnings. But, if the market remains strong, this has room to match the highs at least. Support at S1 401.38 and would not look for the long if it breaks the area. OR reversal candidate and/or breakout if holds the positive pivots at 405.15. Day to mini
ALXN Underperformed for a Condition 1 with a narrow range day. 66.86 S1 to hold and over R1 68.18 could get going with all time high 70.20 and room for more upside. Pivots positive OR reversal candidate.Day to mini
GOOG Got long and then exited since it could not clear the post earnings high. Had a doji day at 598.40 area. Today's low a decent risk with positive pivots at 598.15. If crosses 600 see another 25-50.00. Day to mini
Honorable Mention: OR Reversal ABT YUM WFM BBBY COST QCOM GPC. Through R1 CERN (67.98)
Shorts:
Rallied but failing at moving averages so if market rolls over: AGP 160 EMA 51.96 and overbought. S1 Today's low 49.79 Day to mini
OPEN Negative pivots 47.79. R1 at 48.87 today's high 49.66 which should not clear. Day to mini
Goodnight!
