Basing. Why would I say this? It's a combination of feel and divergences. The feel part is based on the fact that markets traded below prior lows, and in the case of the Q's below a major daily swing level from March and in all cases they seemed to easily rally in the last hour to close mid-range.
The divergences are that the DIA had an inside day, and the Q's broke March lows but others did not. Now combine this with the SPY and IWM at the 200 MA, Q's modestly below the 200 MA and the IWM also exhibiting some good consolidation over the last 5 days. plus SPY actual y had and accumulation day in which its volume was besting a prior day of volume that was the most we've seen since the March lows. This is is not climactic volume however, just notable.
Adding it all up I see momentum slowing on the downside, at a logical, well defined support area. I did say "basing" not bottoming.
The result is still to play for chop, but there could be some upside in stocks that look good for long trades.
One last wild is that today is option expiration. This generally means chop, unless we start to trend early in the day.
~Long Focus~
BIIB
COG
CL
UNH
ORLY
~Other Long Charts of Interest~
BEAV
CL
AET
FL
JCP
OXY
AET
GR
NUVA
COG
AMGN
BA
VHC
~Short Focus~
GOOG
MOS
~Other Short Charts Of Interest
BTU
GOOG
MOS
ALTR
LVS
CREE
MHS
PCLN
XEC
