Monday, the 5th & Tuesday, the 6th are historically bullish with the S&P increasing 61.9% & 71.4% of the time. Take that with a grain of salt and continue to be nimble. Here are some charts I’m watching.
Longs
CRM – Higher low put in on the 200ema. Recaptured the 50% retracement. Looking for first target of recent highs $161.60.
NOC – Ascending triangle. A failure of the trend line and/or 50ema would be my stop.
WLT – Technical base being put in. I am watching for volume confirmation and a push over this volume resistance.
ATW – Good look ascending triangle or mini cup & handle pattern. As usual, use the rising trend line as a stop.
BLL – Watching for heavy volume for a push over $43.70 to start this next leg higher. I want to see something over 300% daily average volume before getting involved.
Shorts
COV – If we can bounce and put in a lower high in the 57-58 range, I’ll be looking to start a new short position.
PCYC – 20ema on the weekly chart is $57.00. If we lose $57.00 I will look to start a small short position with the first target at $51.10. Stop is a close above the 8ema on the daily.
Hands up and the wallets in the sack,
@AffluenzaVirus
Many apologies for getting this out late but something came up so it’s going to be short and to the point.
As always, volume confirms my buy/sell triggers. If the market decides it likes the news from overseas and the market rips higher here are the longs I will be interested in.
Longs
SNA – Watching $63.75
ALXN – Watching $95.05
BLL – Nice ascending triangle. $43.70
APA – Possibly clearing this descending trend line. $88.00
BRK.B – Testing $82.42.
AMT – $68.55
If the market decides Europe still sucks shit and we get a repeat of last Sundays move the following shorts will be on my radar.
Shorts
NKE – Testing this rising trend line. If it rolls over and continues to the downside I would set my stop at $103.25.
LULU – Sold off all last week. Still has an open gap at $54.08. Keep an eye on it.
CMG – Been working nicely in this descending triangle for weeks. Continues to offer low risk/reward entries testing that trend line.
LQDT – Failed the rising trend line on above average volume.
Ok, that’s it. I am switching brokerages this week so I am going to be relatively light but will post charts and do a proper post here throughout the week.
