$SPX 60 Minute: The MACD is ready to make an attempt to move up, if so, it could easily be wave b.
$SPX Daily: It still looks like we are in abc of E, that could take another week or two to finish. What could change that is if there's a debt ceiling deal, which I think the markets will like, at least short term.
$RLX: If it's a little flag structure we break higher one more time. If we get to the 50 day MA it might be bearish.
SMH: Price is testing key support. Below that could be quite bearish. The MACD and price are going to have to turn up soon to prevent a break down.
XLF: If the market has wave E to finish, this could easily close a prior gap and/or test price support. And maybe make a divergence.
BBH: This popped higher and then rolled on divergences. This sector should be avoided until something changes.
IYR: Divergences in place and price is trying to roll over. Friday, we had a low volume bounce. For the bearish view we need to see price slide below the 50 day MA and then the uptrend line. I'm watching this for my trade on the SRS.
My Watch List: I really don't have much because we are still in wave E and I don't want frustrating trades.
From My Trading Desk: Friday we sold AMGN as it and the BBH both look weak and took a small loss on a fractional position.
Next Week's Game Plan: It's a no brainer, I'm watching to see if wave E continues to build or something new comes about. I will probably keep the trading light to nil.
Happy Trading.
J.D. Rosendahl, Rosey