Below you'll find a screen shot of the same view of the market watch that I posted 2 days ago. Then then pattern to watch for was the Q's coming back into the box with the SPY and DIA taking out their resistance levels marked by blue trend lines. The target (reached) was the top of the boxes.
Now we have similar situation - one market watch out of the box and the others near the edge of the range (top). The SPY's may be the key one to watch as the top of its box up is so well defined. I say that the market is poised for a good move because there have now been two days of consolidation at this inflection area. A break up has room to run and while there are resistance point below the 50-day moving averages the market will have its eye on it. For the bears, a break lower - IWM's back in the box, others make 2 day lows, leaves plenty of room for a move to test the lower end of the boxes.
A few rules I'd heed carefully today.
I'd only trade reversals in the direction of the pivot stack - long and short. So in order to buy an OR reversal I'd be sure to have a positive pivot stack. Shorts vice versa.
Both the long and short list have stocks that are flagging so may have pivot stacks against their bias. These, I would trade breakouts over the FTP. For example MOS is on the short list and has a positive pivot stack, but a move below the 5-min OR and FTP (especially in a weak mkt) would be a good short.
~Long Focus~
AMZN
CVI
UNH
~Other Long Charts of Interest~
AMZN
BEAV
BIIB
COG
CRM
CVI
DISH
DLTR
FL
FTO
MCP
ORLY
TIF
TSCO
UNH
VHC
AET
CL
GR
JCP
UHS
~Short Focus~
MHS
PNC
~Other Short Charts Of Interest~
ATI
BG
FLR
GOOG
GS
MHS
POT
LVS
MOS
PNC
RIG
SNDK
