SPX pulled in a little over 5% and bounced off support levels. This small correction has setup a lot of good looking charts going into this week and the McClellan is still working off extreme oversold levels. I have a couple long setups on my radar if we continue with this bounce.
CF – Last week I started selling bull put spreads in CF. Watching for more volume to come in and break price action out of this shorter term basing pattern and over volume resistance.
WYNN – Price came back in and tested recent support levels and the 50ema. Friday’s close was back over the 8 & 21ema.
V – Bull flagging under some pretty heavy volume resistance. Watching for significant buying volume to bring price higher. Would like to see at least 5m shares.
GMCR – Sold out of my core position on Friday and just left with the trailer via JUL 80s. I still like the chart going into next week so I might roll them into the JUL 85 calls. After clearing resistance at $76.50 my next target is $81.00.
CMG – Worked off overbought levels quickly. Tested volume support, the ascending trend line and the 50ema on the daily. Closed strong on Friday near the highs and with above average volume. First target is volume resistance.
GOOG – Bounced off the 50ema last week and had a strong close on Friday on above average volume. Cleared this short term descending trend line and looks ready for a rotation higher. First target is $890s.
ORLY – Digested action through time rather than price and tested the previous breakout level. Cleared short term descending trend line. Looks ready to make new highs.
SSYS – Weekly – Double top and lost the 10ema on above average volume. Next major support is $68s.
NEM – Long term series of lower highs/lows. Price is overbought again and if pattern continues it will rotate lower. Recent lows now acting as support. Max pain could be a close over the yellow descending trend line — roughly 37s.
Trade safe this week,