Stocks And Indexes: Same Range Patterns
The coil
got tighter yesterday as the Nasdaq 100
(
NDX |
Quote |
Chart |
News |
PowerRating) and S&P 500
(
SPX |
Quote |
Chart |
News |
PowerRating) continue range bound. The NDX had another
narrow-range inside day of 52.43 points from high to low, vs. the 58.22 point
range day on Monday. The travel range was lighter at about 171 points vs. the
274 points on Monday.
After a nonsense +2.3% gap
opening at 1939, the NDX traded right back down to 1893. Another nice trade for
the market makers as the emotional buyers were once again fleeced. If you can’t
learn how to fade this emotion and play on the side of the professionals, then
get out of the headlights until it is over.
From 1893, it retraced
exactly to the .50 retracement level at 1917, then proceeded to make what proved
to be the intraday low at 1887 just after 12:00 p.m. ET. The afternoon trend was
up for the NDX and was led by the Travel Range stocks like
(
CIEN |
Quote |
Chart |
News |
PowerRating),
(
CHKP |
Quote |
Chart |
News |
PowerRating),
(
VRSN |
Quote |
Chart |
News |
PowerRating) and
(
NEWP |
Quote |
Chart |
News |
PowerRating). The index closed at 1929.24.
The SPX had essentially the
same pattern as the NDX, closing at 1261.20 — just below Monday’s 1263.51
close. The overall volume was once again very light. Our starting point for the
SPX is the 16-bar closing range from 1261.61 to 1258.84. Yesterday’s high was
1267 on the early gap, and the low was 1253 on the 10:35 a.m. bar, so we have
some bogeys to keep watching.
Stocks
Today
|
(June
|
||
|
Fair Value
|
Buy
|
Sell
|
|
3.90
|
 5.20 |
 2.60Â
|
I have to cut this a little
short because my DSL keeps going up and down.Â
Travel Range stocks again
are:
(
NEWP |
Quote |
Chart |
News |
PowerRating),
(
JNPR |
Quote |
Chart |
News |
PowerRating),
(
GLW |
Quote |
Chart |
News |
PowerRating),
(
BRCD |
Quote |
Chart |
News |
PowerRating),
(
CHKP |
Quote |
Chart |
News |
PowerRating),
(
CMVT |
Quote |
Chart |
News |
PowerRating),
(
CIEN |
Quote |
Chart |
News |
PowerRating),
(
GMST |
Quote |
Chart |
News |
PowerRating) and
(
PMCS |
Quote |
Chart |
News |
PowerRating).
In the Semis:
(
NVLS |
Quote |
Chart |
News |
PowerRating)
(which once again found buyers on a pullback to the top of the base),
(
KLAC |
Quote |
Chart |
News |
PowerRating),
(
BRCM |
Quote |
Chart |
News |
PowerRating),
(
VTSS |
Quote |
Chart |
News |
PowerRating) and
(
NVDA |
Quote |
Chart |
News |
PowerRating) (which gave us good two-way action
yesterday — I hope you caught the Slim Jim to the downside).Â
Also
(
IDTI |
Quote |
Chart |
News |
PowerRating),
(
ELNT |
Quote |
Chart |
News |
PowerRating),
(
LRCX |
Quote |
Chart |
News |
PowerRating) and
(
IRF |
Quote |
Chart |
News |
PowerRating).
Other stocks:
(
TYC |
Quote |
Chart |
News |
PowerRating) and
(
FNM |
Quote |
Chart |
News |
PowerRating).Â
I’m doing this early as a
result of the DSL being on the fritz. Right now, the S&Ps are down 8 and the
NDX futures are down 40 — so I guess it looks like we know what side the market
makers are going to be on, early on.
Have a good trading day.
Chart 1. Five-minute chart of
yesterday’s S&P 500
(
SPX |
Quote |
Chart |
News |
PowerRating) with 8-,
20-, 60-
and 260-period EMAs.
Chart 2. Five-minute
chart of yesterday’s New York Stock Exchange ticks.