$SPX 60 minute: As suggested on the weekend update, the market needed to make another push higher in this ABC pattern. RSI on the 60 minute is not over bought yet, so we could easily push higher.
$SPX Daily: The middle pitchfork line should serve as resistance and hold price. RSI is now at over bought. We still have room for more upside though. Today's up day did occur on lower volume.
IBM: Continues to be market supportive.
JNK: Starting to look a little tired and the MACD is right there for a rollover.
$VIX: Nothing really new. Bouncing around that support line.
$COMPQ: Still powering higher as big cap tech. continues to have a bid. Over bought on the RSI but a test of the prior higher seems like a no brainer.
XLF: Strong reversal day for the financials. While it’s still between the 50 and 200 day MAs today's price is market friendly.
$TRAN: A little bull flag suggests we should test the prior high.
Summary: It still looks like a little more upside from here. Big tech. momentum stocks looked strong today and that too is supporting the market.
Reader's Choice Follow Up: TECUA: Stock was up 5% today on strong volume, in fact we have descent buying interest and as the reader pointed out to me in his email, there's lots of short interest! RSI has room for more price and the MACD is just beginning to turn higher. Above the red line is a break out.
My Watch List:
FFIV: Stock rolled over on a strong market up day. If we look at the intraday chart we see a sideways looking up move from the bottom. That suggests we could see another wave down. I’ve labeled the ABC expectation. If we get that, I might close my short on weakness.
UNP: Stock looks like it too has another push higher.
COH: MACD is flat lining while price is grinding higher suggesting we should expect another splash higher.
OSIS: No follow through on the potential H&S pattern.
NEM: Starting to look a little wedge like. Another push higher could be in the cards because we are failing to break down the 50 day MA and lower Bollinger Band.
IYR: So far, still looks like an ending diagonal.
NKE: The stock has bearish divergences forming on both the RSI and MACD, and the MACD is trying to turn lower. Bollinger Bands are beginning to pinch.
From My Trading Desk: No trades today.
J.D. Rosendahl, Rosey