$SPX 60 Minute: A second failed attempt at testing the bottom of gap resistance. We could get a couple days of selling pressure and still remain bullish.
$SPX Daily: On the daily, price has stalled just above the middle channel line. It's a touch in No Man's Land. We need price to move to provide a little better clue from here.
$VIX: It closed the gap in blue which looks like it's trying to serve as support. Yesterday, I said I thought a bounce might becoming in this soon, and I still think that could happen with a little selling pressure in the market. Nothing I'm trading though.
IBM: Price is having a hard time moving forward, maybe it's tired and ready for a little more corrective behavior. Even if that is the case, nothing looks overly bearish so far on Big Blue.
JNK: Divergences every where but price remains tough.
AAPL: This is the one big tech momentum stock that is breaking down. Yesterday, I highlighted the weekly chart. Today the stock broke down a little, it's more than 20% of the $COMPQ, so it should impact that index if it continues lower like the weekly MACD suggests.
$GOLD: Price breaks to a new high. RSI and MACD turning higher with room to support higher pricing near term.
My Watch List: Even though I'm looking for a market pull back, the best charts are still long side trades. I don't see much in the way of bearish charts.
MVG: Looks like a wedge or ascending wedge. Price up big today with gold on solid volume. RSI has room to support a break out!
GOLD: BIG up day today. Price is behaving as expected given the technicals. First came divergences, then a move above the down trend line, and today was a big gap over price resistance with price pushing above the upper BB with widening BBs. I can't ask for more than that. We could easily get to the 200 day MA soon.
AMZN: Continues to grind higher and has almost closed the gap. RSI has room to support further upside.
KSS: Nice up move today and it looks like we are going to test the down trend line soon. Above that is far more bullish.
Speculative Trades:
LPTH: This little guy continues to grind sideways. Still looks like a bull flag but it's not a great trade unless it gets above $2.25 to $2.30. The risk is the MACD rolls over soon.
MNTX: Still looks like an ascending wedge. Today's little down day did nothing to change the view.
From My trading Desk: Today we sold our KSS because I wanted to take a gain on something and reduce exposure. We also bought and sold GOLD today. I wanted to hold and add but it got so far above the upper BB I had to pocket those gains. We bought a full position on MVG.
I'm still trying to keep my positions light just in case Mr. Market is ready for some corrective behavior. Even if that is the case, the best looking charts are still on the long side.
Happy Trading
J.D. Rosendahl, Rosey