$SPX 60 Minute: Price stalled right at resistance on the black line. The green line is where we create some over lapping wave structure.
$SPX Daily: Price pushed right to resistance, which leaves the market in No Man's Land, and unresolved so far!
IBM: Like the market testing resistance. A little better volume today.
AAPL: Possible Morning Star bottom with today's advance. If so, we should expect this to push higher. That's market supportive for tech.
JNK: Support holding with price pushing back up. The risk trade has been back on. The support line is significant, a break below that is bearish given how many times we've tested that price. If it's going higher we should see the MACD push up and cross.
The Risk Chart: I put this up a few days ago and said when the price of this chart falls below the lower BB it often marks a bottom in the stock Market. So far, that is playing out! I've labelled it ABC down because B is a wedge type structure. Above the 50 day MA would be a pullish step.
$CPE Daily EMA 5: We have rolled over from a high while testing the upper range on the RSI, which tends to mark stock market lows!
My Watch List:
SBUX: We still have a position from a couple weeks ago on the long side because it's just gone dead sideways. Looks like a shallow wedge structure.
CAT: Bouncing off the 200 day MA and now breaking above a down trend line.
HON: A little down channel and price is right there to break out. MACD trying to cross and turn up.
From My Trading Desk: Today we scalped a gain on MMM. Took a fraction long on CAT, IBM, and HON. I'm still keeping it light, and on the long side I'm sticking with household names.
The market needs to push higher for the bullish view and move above the 1,295 to 1,300 area. That's what we should be watching the next couple days. We are a touch over bought, so we could get a little pull back near term. We have not ruled out another push lower on this decline!
Happy Trading
J.D. Rosendahl, Rosey