GLD: The gold market pushed into resistance but failed closing very close to support. The wedging continues to narrow, so we should expect a break soon. MACD? No clues at all.
SRS: The short real estate ETF regained some of what it lost Friday. It's hovering around it's 50 day MA. A consolidation in this area and break higher is bullish, and we might add to our position if such structure occurs. MACD is trying to show some legs, but not impressive so far.
DOW: Below is the 5 minute chart of the DOW from the recent low. Looks like a wedge pattern with a slight break below the wedge on the close. It also looks like a tiny head and shoulder top, as well. Could be a little wave E over throw, or another leg down.
Below is the daily chart of the DOW. Since we didn't gain any life, and stayed within Friday's price range, I'm thinking we move lower tomorrow from the wedge and the little head and shoulder patterns. If so, then I expect a bounce of some kind to begin. Why? Wedge patterns are often the next to last wave in a cycle.
AAPL: Continues drifting slightly lower. It still looks like a push higher is in the cards, and yet, it looks very tired. I like the view of a push hire out of a little flagging structure, then complete bearish divergences and roll over.
IBM: The stock has the same thing going as AAPL with the flagging structure.
From My Trading Desk:
Slow day, no new trades. We continue to watch the market structure for clues for low risk entrees. I still think we are in no mans land. I continue to prefer the bearish view, but want more pricing data before adding any new positions.
If the marekt trades lower than gains footing, I expect IBM and AAPL to possibly break out of the flagging structure moving higher as market leaders. I'm not trading either, and only using them in part to gauge the markets health or lack there of.
The speculative chart I posted a few days ago has failed. This is why when trading small priced stocks, smaller trading positions are required for conservative traders. It's just risk management because not every trade works and there's greater risk in small price stocks.
NANX: Pattern Failure.