A few new charts for this week and some from last week that didn’t make their move yet.
SPX – Closed right here on this descending trend line & the market wants higher prices. We’re one or two rally days from multi year highs.
ALXN – Consolidating below recent highs. A move over $110 with above average volume should start the next leg higher.
XOM – I have been watching this one from last week. Still waiting on the $88.15 buy trigger.
COF – Cleared the $57.50 buy trigger Friday. Needs to stay above it and have another above average volume day.
CVX – Cleared the buy trigger Friday of $111.00. Needs to stay above that level with heavier volume.
DLTR – Clearing this descending trend line with heavy volume should start a technical trend change.
HIBB – Still watching this one from last week. $61.95. Would like to see some more volume for a continuation move higher.
PCYC – Might be ready to start the next leg higher out of this consolidation pattern. Watch volume for an average increase to roughly 1.5m shares traded daily.
A quick look at the $SPX. I really went out of my way to try to find a bullish twist on this chart but I couldn’t. None of the longer term trend lines were appropriate. After I reviewed the DX (Dollar Futures) and the stock bond ratio it is clear to me that the market wants to start the next leg lower.
$SPX – I am expecting a failure of this rising wedge.
$DX_F (Dollar Futures) – Without even charting them, I’m sure the fib levels are congruous. Even without, the chart looks ready to clear this descending channel with volume and make a run to the upside.
Stock Bond Ratio – Bounced off the 65 MA. Not ready for a cross yet.
With that being said, I found a few really interesting long setups.
V – I am interested after clearing $125.35 with volume.
ALXN – Like it here for higher prices. Would have a hard stop set at $95.
GLUU – Speculation play. Like it over $5.00. Stop could be a close below the 8ema.
VHC – Nice ascending triangle. Could scale in here or on a pull back and add clearing $35.25 w/ volume confirmation.
EBAY – Like it here for a move higher. Stop would be the breakout level. Roughly $1 or 41.80ish. First target of $44.
DPS – Nice bull flag. Notice the consolidation on lighter volume. Getting ready to start the next leg higher.
TRIP – Breakout watch $45.85 w/ volume.
Also watching:
TWX – Close to testing long term resistance. Watch it.
CFX – Interesting candle on Friday w/ huge volume. Watch for a possible reversal on Monday.
Some interesting short setups:
GS – Descending Channel inside of a larger descending triangle. Below all the averages. Stochastics & volume suggest a lower price.
HME – If we can get a close under $58.75 this one will see lower prices.
COF – Watch this one to lose the 50ema. Next support is $51.50ish.
COV – After losing $52.35, this one will see lower.
