$SPX 15 Minute: A little wedge pattern is almost finished. We should see this resolve and break out next week. If it's lower, then we should close the gap below.
$SPX 60 Minute: The wedge has built right on top of two crossing support lines. Again, we should see this resolve itself next week.
$SPX Daily: If the wedge breaks down I like the idea of price sliding down to the lower channel line.
IBM: IBM is struggling to continue higher!
JNK: Price is trying to roll over, the only thing missing is follow through.
$VIX: Still stuck between support and resistance.
XLF: The financial sector reflects a larger wedge pattern with a little break down trying to develop. There's plenty of room for this to slide next week and could lead the greater market.
$WTIC: Oil is still bouncing at the first support zone. While we could bounce to the 50 day MA, the ending diagonal calls for lower pricing. I like the second support line.
$Silver: Price still holding support. If we get below the trend line the 200 day MA is the next stop.
$USD: Dollar is trying to push past a prior low with divergences in place. The down trend line seems like a likely target near term.
My Watch List:
DVN: Price is declining out of an H&S top. The price target should take price down to the 200 day MA.
COG: Price is still holding a support and a trend line. If price break that selling pressure could increase.
GORO: A little H&S top pattern right on top of a trend line. Price holding firm but a break down could bring selling pressure.
COH: Divergences building but price and the MACD have yet to really break down.
MU: Probably not a wedge pattern, but the next most likely count is an ABC. Still not a buy yet but worth watching.
UHAL: Still grinding sideways. Pattern is unfinished. I like a finish around the support line. Not a buy yet, but a sideways pattern is worth the watch too.
KSS: Stock bounded a little last week but stalled right at the down trend line. It's a better buy above that.
From My Trading Desk: Since Google's blogger was down late last week I haven't been able to post my blog for a couple days. On Thursday we took gains by closing shorts on DVN, COP and GORO. We bought KSS. Friday we sold KSS and took a small short on COH. Still keeping it simple during this little wedge on the intraday.
Next Week's Game Plan: This one's easy, it's time to watch what happens on the intraday wedge of the market. It should resolve itself early in next week.
J.D. Rosendahl, Rosey