Trader Strategies: Still in a Summer/Fall Trading Range

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Lots of stocks with inside days after a day of digestion on super low volume around critical levels. Note that QQQ did get an Accumulation day in volume although considerably under the average daily. Once again, some weaker sectors/groups and stronger ones creating even more diversion with a McClellan Oscillator approaching overbought. Slope on all of the 50 day moving averages remain negative even with price action above. Although we have had some great long trades, until we either see a correction or some sideways action, hard to get too friendly up here. Energy/oil and financials the best short contenders, techs more of a "get out of your longs" and biotech and retail while approaching overbought, strong daily charts.

SPY: 117.60 the 50 DMA and overhead resistance at the September high 123.50.

DIA: In the aftermarket, testing S1 at 113.59. The 70 EMA at 114.40 then 117.03 September high.

QQQ: 56.23 the 200 DMA resistance which tested today, 57.35 September high and 55.85 support to hold.

IWM: Still has the 80 month MA to contend with at 68.55 which it attempted and closed beneath. Unconfirmed close into a recovery phase. Would be first place to go for a short if market rolls over. On the other hand, a second close above 68.56 strong.

ETFs:

GLD 162 held up with an inside day and anemic volume.  Measured move to 170 the longer 162 holds.

XLK (Technology) Got even closer to but could not clear the top of recent range 25.29. Could drop to 24.00 and maintain its current recovery phase. Hard to get too friendly with RSI approaching overbought territory.

SMH (Semiconductors) 29.74 the high in September and is now officially overbought on a short term RSI indicator.

IBB (Biotechnology) September high 99.54. Not overbought like the techs-support 95.50

XLE (Energy) Could not cross the 50 DMA at 64.83. Underlying support at 60.25 which if breaks 63.00 could be likely to see.

OIH (Oil Service Holders) Under 113.75 vulnerable. The 50 DMA a bit away at 124.00.

TLT (The 20 year Treasuries) 6 down days and oversold.

XRT (Retail) August high 50.50

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