Will be watching for a bounce in the green zone. Trend line has formed long term support and the MJ stocks deserve some relief...at least temporarily.
Like the setup on ESRX if the market starts to bounce this week.
With the nasty weeky RSI negative divergence we could be headed back to the 200 week MA. It could take a while but it looks possible especially if we have just completed a wave 5 of this huge bull run. Which I thing we may have.
I have been seeing a lot of failed support breaks. Price sweeps below the lows only to be bought back up after all the stops have been triggered . Watch for this on the QQQs.
SFM After a good run up spent time consolidating on lower volume. Has now printed a candle I like right at trend line support telling me there was buyer cued up.
MSi looks to be building energy for a breakout. Like to see a break on volume then a retest and hold before I enter.
KMX getting to the bottom of a measured move. Will watch this for a short term bounce. Could see a 382 rebound if it catches support. Probably continue lower after that.
Huge capitulation sell off today in OIL. Usually when everybody throws in the towel its time to look for buying opportunities. Will be watching for a reversal pattern in oil.
HMSY Nice breakout on volume in weak market. Needs to break hold 34 or pull back on low vol tightly then push back up. Prefer pull back entry.
Would not be surprised to see the SPY 3 day rally get rejected in this zone at least temporarily. Coming back into the 200, descending 20, break down trend line as well as Fib retracement levels. I am not shorting here. I will be very cautious about entering any long positions into the weekend.
MCD looking ripe for a breakout. If it does with volume and the market rallies we could see 200.
The SPY closed right on the 1.27 ext and 1.618 ext. Also at the .786 retracement. Nothing for certain but have seen a bounce at this point many times. Would not be surprised to see positive new come out tonight or tomorrow am.
PDL.TO Looks strong here for a breakout. Probably will pull back a bit then take another run before a break. Like it long with a break and hold of 10.50 with vol.
Somebody liked ARE earning. Nice breakout on volume. Like to wait for pull back and hold of breakout point before entry.
Do or die time for for the growth names.
If we see a bounce in the indexes this one could have a good push up off gap support. It had a strong day Friday when much of the market sold off again.
After the big MJ sell off many names look ready for a least a bounce. GWPH has come back into an area that has seen buyers step in. Will keep on watch for some sort of lower time frame reversal pattern.
Got stopped out of PAT.V with a break of 2.30 but like how it reversed today with good volume.