The daily trend is down, but may be oversold into support.
SPY, DIA, and IWM have positive pivot stack and sit within a multi-day consolidation. The Q's have negative stack and sit below their multi-day consolidation. The best view for the day trader is probably the 60 min charts in the 4 market watch (see image below). Key support and resistance levels are pretty clear and the moving averages are basing to negative.
Additionally, the daily and weekly picture is somewhat oversold into major support.
All things considered, the market has the consolidation it needs to push in either direction. I'd be selective about which stocks I'd sell into weakness, and prefer to short strength. On the long side, I'd be selective about buying strength and only buy weakness above good support.
~Long Focus~
BIIB
CL
UNH
~Other Long Charts of Interest~
CL
BEAV
ORLY
FL
JCP
NUVA
COG
BA
DLTR
TIF
CRM
~Short Focus~
BBBY
PNC
~Other Short Charts Of Interest
BBBY
LVS
MHS
GOOG
MOS
XLE
FLR
PNC
Charts of Interest (click images to enlarge)
60-Min Market Watch - Friday's high of the day is the key swing to break if market is to move to the top of the range, look out for Q's on the down side if they can't get back into their box.
