NOTE: Please read the notes to my Premium subscribers as possible setups to watch for. As far as a specific recommendation, because Monday could be pivotal, prefer to wait until end of day before getting into anything for a swing trade.
Hard to be too upset with anyone right now. And honestly, not great state of mind for objective trading anyway! The nagging candles at the recent highs are still in sight, but that's the rub-they are in sight and not some distant memory one needs a telescope to see. By the way, nice job Space X launching last week the Dragon to an International Space Station! The Dow closed above last Monday's pre-crash highs. NASDAQ, the Russell 2000s and the S&P 500 not quite, but managed to close over the fast moving averages. Interest rates closed weak, and in fact, back to an unconfirmed recovery phase, even with a strong US dollar. That means, Monday's action should be telling regarding the near-term sentiment up or down. Overall, the major sectors that had to hold in a bullish phase did.
S&P 500 (SPY) Held the fast moving average but failed to clear 2/28 highs. Support at 150. And still has to clear 152.86 Subs: Pivots Negative. R1 and the 2/28 highs line up
Russell 2000 (IWM) Closed above the fast moving average. Still showing a top in place which means we need to get through it. Subs: Pivots negative and like SPY R1 and 2/28 high line up
Dow (DIA) Acted really well regardless of the economic data, the political issues, etc. Unless it breaks Friday's lows, see nothing blaringly negative here. However, would like to see 141.31 clear
NASDAQ 100 (QQQ) The more I watch the divorce between NASDAQ and AAPL, the more I respect the bullish phase this has maintained. Through 67.80, the recent highs are right there. Subs: Pivots Negative
GLD A bit oversold now on the weekly RSI. Subs: 152 support held for now
XLF (Financials) 17.85 is resistance but have to be impressed with the hold of the 50 DMA
IBB (Biotechnology) Broke the sideways range from the last 2 months.
SMH (Semiconductors): Last Monday and Thursday highs have to clear. Subs: Over 35.40 area would take the swing risk to 34.30 area
XRT (Retail) 2/28 high has to clear
IYT (Transportation) Subs: R1 and the slingshot high at 107.16 (without the blip above from last Thursday) line up
IYR (Real Estate) 68.88 recent highs to clear
USO (US Oil Fund) Subs: Possible slingshot low if confirms with a move over 32.86 and tight risk to under Friday low. Oversold too.
TBT (Ultrashort Lehman 20+ Year Treasuries) Subs: Over R1 would look for a long with a good stop under 64.24
DVY (Select Dividend Index) Possible slingshot high looks negated
XOP (Oil and Gas Exploration) Subs: I like the chart but it does have some overhead so want to see some more digestion before we jump
UUP (Dollar Bull) 22.65 overhead resistance
Bye for Now!
