Into the closing bell, check out the carnage in crude oil.
I suppose inflation is on hold for now, as perhaps slowing growth in the U.S. and a renewed slowdown in Europe is taking hold.
Either way, the daily chart ETF for crude is sporting a nasty head and shoulders breakdown.
See you after the bell for my video recap.
_______________________________________________________
Into the final hour of trading, ACI ANR WLT are on watch for further upside rallies from beaten-down charts in the coal space.
Also, JCP is squeezing in front of earnings tonight.
Drop me your top final hour tickers.
Comments »
The SPY is back to an area where, in a normal market, we would expect overhead supply (price resistance of former trapped buyers at the highs) to kick in.
However, we know the current market is an outlier, with the S&P 500 Index not correcting 10%, nor testing its 200-day simple moving average since 2012. Since then, time and time again overhead supply has been ignored in favor of a V-shaped rally to fresh highs.
Thus, the question is whether the trap will persist, or instead we will have a trap within a trap and this time overhead supply will matter.
I have no clue as to whether this is it. But I do know that the below chart can help me define risk for any trade I take, long or short.
I am still inclined to think, however, that the many broad market divergences will pressure bulls into next week.
___________________________________________________
Comments »
Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.
I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.
Members can click here to view and save the screen.
Sorted for at least 500,000 shares of daily average volume to ensure liquidity.
Please click on image to enlarge.
_________________________________________________________________
Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.
I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.
Members can click here to view and save the screen.
Sorted for at least 500,000 shares of daily average volume to ensure liquidity.
Please click on image to enlarge.
_________________________________________________________________
On our updated, zoomed-out small cap ETF chart dating back to July, you can see buyers holding over the falling channel breakout area so far.
I am looking at a $112-$114 bracket here for the next directional move out of the small caps.
That said, I am certainly laying off shorting the small caps as long as this breakout holds true.
For day-traders, keep an eye on PLUG if it clears back over $6.16 today as a long.
What are you trading this morning?
___________________________________________________________
Comments »
