$SPX 60 Minute: This is my preferred count. I think the ABC pattern expands into a wedge, maybe an ascending wedge. This provides the structure for Mr. Market to progress towards the 1,400 to 1,440 area later this summer in a potential top!
IBM: Price seems to be making a little wedge structure on top of support. That should turn to be bullish when finished.
$VIX: We've got a gap to close and major support right below, we should test both in the near future.
AAPL: In yesterday's market review I stated AAPL was in No Man's Land and I would like to see some clarity. We seem to have gotten some of that today. A big move and pushing price near resistance. Above that and price could easily grind into a new high and support markets moving higher.
JNK: Price continues to grind higher with room on the RSI for more!
XLF: Could be a cup and handle, with the handle being an ABC. Regardless, XLF moving higher is supportive of the overall market. Above the 50 day MA adds to the bullish view on the financials.
$USD: The dollar continues to reverse. Even if there's a bounce in this, I think it's short lived. The expected move is another push lower to finish wave C. If so, then commodities have another advance in them.
Note: I use a couple of indicators like IBM, JNK, and AAPL to provide an indication of market health. Add in the price action of XLF and the market had a good day and all four could be supporting another push higher for Mr. Market in the near future, which fits my overall view.
My Watch List:
WRN: Stock pushed just above the 50 day MA today but closed a hair below it. There's resistance at a prior gap, which is also the upper BB. I'd like to see price above that to add to my fractional position. My concern today was the low volume advance. We are close to resistance, so we should see this resolve itself one way or another soon.
REE: We had a small long on this from Friday but we sold it because the up move the past couple weeks looks very ABC like on the intraday. Here again, I'd like to see price above the 50 day MA to confirm another push higher and the correctional phase is over. The MACD is trying to turn up, but today's price was uneventful. Maybe tomorrow!
UHAL: I've had this on the watch list several times, and we might have finished an ABC pattern. There's price resistance just above, so price above that might be a clue C has finished.
SBUX: A little push higher today, but nothing terribly exciting. Still waiting for price to break out!
CYN: Price pushed right to the down trend line today, but has yet to send a trigger this correctional phase has finished. We could get more consolidation, so I'm waiting for a price break out to the upside before I add to my fractional position.