$SPX 60 Minute: This time frame offers a little better perspective for an end to wave 1 or A up. We have cluster resistance up to 1,206ish. Look for the BBs to pinch and the MACD to roll with price if we are ready for wave 2 or B down.
$SPX Daily: Market is pushing higher nicely off of a strong divergent bottom. On the daily chart we have cluster resistance at 1,225-30ish, if we need to push past 1,206.
IBM: A big break out on Big Blue. A reversal here would be concerning for IBM and the market, so let's see if IBM can continue to push up or not this week.
AAPL: A huge point gain today. Seems like we want to test the trend line above. If it can climb back above that, that would be bullish.
$VIX: Do we get a test of the support line on this when the market finishes wave 1 or A up?
My Watch List: 3 big names. All 3 look solid, and I like the idea of staying with big easy names.
MON: Currently my favorite long side trading vehicle. We scalped a gain on this today. Price is moving straight up and impulsive. Over head resistance seems likely.
UNP: Stock is still pushing higher out of an ending diagonal built on strong divergences.
COP: A break above the down trend line with divergences in place.
From My Trading Desk: A day like today is a tough day because it's a low volume vacation day with price up very big. We did scalp a gain on MON, but I'm not interested in chasing the market on a day like this.
The markets could easily push a little highly based on the 60 minute and daily chart resistance levels, but at some point in the near future we should see a weave 2 or B pull back. In that light, I'm going to keep the long side trading small.
If we get the wave 2 or B pull back, then I think there's a great set up for the long side trade.
Happy Trading.
J.D. Rosendahl, Rosey