SPY Fundamentally mixed concerns/hopes. Greece, Italy, in fact all of Europe concern. FED doing something grand, hope. Technically, as we saw low volume on the way up, such was the case today on the late day drop. Could not get through last week's high at 121.97 and could not drop enough to test 119.50. All in all, still in the massive trading range with a bear phase very much intact. Subs-Positive pivots at 120.72 and S1 at 11.45 should more selling come in.
DIA Close over 115 encouraging and a close under 112.70 confirmation of current bear phase in play
QQQ Closed under 57.00 but not the 200 DMA at 56.26. Worked off the overbought condition as we remain in an accumulation phase. 55.20 area now convergence of several EMA and DMAs as well as the 50 weekly moving average. If that breaks will be safe to say it bounced to the neckline where it broke down from in late July and failed. Otherwise, over 57.00 encouraging.
IWM Bearish engulfing pattern on low volume and break of Monday's low so once again, the weak sister of the 4 indexes. Back over 70.60 good sign otherwise, more downside if breaks 68.00.
ETFs:
GL D**Inside day and incredibly susceptible to any FED decision or non-decision. If FED does Operation Twist, rates will rise and GLD will be more expensive to hold. If they do a quantitative easing or something like that with rates remaining low, expect more rally, especially over the adaptive moving average illustrated in chart.
SLV Inside day. The much better short should metals start to fail since under the 50 DMA at 39.25 right near today's high. However, over that and today's high, will resume the bull phase with lots of room to the upside.
XRT Checked out RETS which is the ultrashort for retail (I wrote RETL which is the bull). But volume is way too little so I passed. But it was a great short with the rare occurrence of the price converging with a death cross on the moving averages.
XLF If the fins will recover it will be triggered by a close over 13.00. Subs watch to see if FAZ break over R1 54.40.
IYT 85.00 weekly resistance and 81.45 now support (low today 81.60).
TLT Through 155.20 could see move to 116.50 next
Longs: Liquidated everything with huge gains today in advance of the FED meeting since really anything is possible But, other fine examples of an OR breakout today was CERN CELG and EL-all gave you plenty of money on the upside and cushion if decided to stay long. Note-Watch the indexes for setups since all but IWM have positive pivots and never broke S1 today.
ADBE Over 26.18 looks like could go to 28.00 then 30.00 with risk to under R1 if gaps higher 25.20 is R1 and risk. Day to swing
WYNN inside day. If holds 150.17 S1 with positive pivots at 155.75, still a candidate for a long with room to 166 and all time high 172.58. Day to swing
KLAC In a recovery phase and has been since last week. Now consolidating with positive pivots at 38.59. Has to clear R1 as well at 39.00 then today's high so hurdles. But risk is 37.45 for miniswing or swing. If market is firm, this could run to the 200 DMA at 41.80 or higher. One step at a time. Day to swing
PAY Similar to KLAC with recovery phase and positive pivots at 39.68. Risk is under 37.30 for swing and under 38.00 for mini. Has the 50 weekly moving average at 42.20 and the 200 DMA at 44.00. With good market though could see higher yet. Day to swing
Hon Mention GOLD (all time high 114.50) CREE* (ID must clear 33.51) Look for OR reversal-GMCR CERN MA SPG EL COH LULU CBST
Shorts: SDS through 23.13 R1
CRM DE now negative pivots with R1 at 133.61 and 77.53 respectively.
SLG Negative pivots at 69.38 with risk to over today's high 70.51. Could see 65.00 then 61.95 then the 200 weekly moving average at 58.90 Day to swing
UNP Negative pivots at 89.11. Risk no more than R1 89.91. Could see move to 82.15 recent low with 200 weekly moving average at 71.35 Day to swing
BEXP negative pivots at 29.34 with risk 30.20. Could see 26.50 then 25.40 with recent low 21.89 and 200 weekly moving average at 14.75. Day to swing
Hon Mention: Some Existing shorts DO (positive pivots stop over 63.30) VRSN (stop 29.12)ACOM (add under 27.62 stop 29.35) Watch for a target if short SOHU (oversold on RSI) CPT(touched 200 MA stop 61.52) FSLR (Stop 82.65)
Goodnight!