60-Min. Up
After
five straight declining days by the
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$SPX.X |
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Chart |
News |
PowerRating), along
with four straight days with the volume ratio advancing, there was a good
tradable reflex bounce on Friday. The
(
SPY |
Quote |
Chart |
News |
PowerRating)s have been hanging around the
.38 retracement zone of 108.74, with a recent low of 108. The
(
QQQ |
Quote |
Chart |
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PowerRating)s have
dropped to the .50 retracement zone of 35.22, which I have mentioned has some
point-and-figure support. The QQQs bounced off of 35 to close at 36.17. The
rally reflex came from a short-term oversold condition, especially the Nasdaq.
On Friday, the SPX had
traded up 10 points to 1090 by 11:05 a.m., then down to 1080 where it was
contained in a 4 point range, 1084-1080, from 12:00 to 3:00 p.m. It looks like
the Turk showed up, and we got the last-hour moonshot. Short-term trading is all
about the fundamentals, right?
NYSE volume was 1.4
billion with the volume ratio jumping to 76, with 1.03 billion up and only 318
million down. Breadth was very positive at +1024. Eighty-five of the NDX 100
stocks closed in the top of the range. I haven’t seen that in a while. All major
sectors were green, led by the
(
$BTK.X |
Quote |
Chart |
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PowerRating) +7.3%, the
(
$XBD.X |
Quote |
Chart |
News |
PowerRating) +3.7%,
the
(
$SOX.X |
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Chart |
News |
PowerRating) +3.03%, and the GSO Software index
(
$GSO.X |
Quote |
Chart |
News |
PowerRating) +4.4%.
The major market indexes had the Dow
(
$INDU |
Quote |
Chart |
News |
PowerRating) +1.2%, the SPX +1.5%, and the
NDX
(
$NDX.X |
Quote |
Chart |
News |
PowerRating) +2.7%.
The biotechs, which have
gotten whacked with only minor upside reversals in the downtrend, had six of the
top percentage gainers in the NDX on Friday, led by
(
PDLI |
Quote |
Chart |
News |
PowerRating) +14.1%,
(
MLNM |
Quote |
Chart |
News |
PowerRating) +11.3%,
(
GENZ |
Quote |
Chart |
News |
PowerRating) +10.7%, and
(
IDPH |
Quote |
Chart |
News |
PowerRating) +10.5%. I’m sure there
was some bottom fishing, but certainly a considerable amount of short covering.
The major indices have
some more downside if they are to reach intermediate-term oversold levels, so
the bias is still down after we finish this short-term oversold bounce.
Stocks
Today
We start today with the
60-minute trend up, as the price of the major indices are above the five-period
EMA, which is above the eight-period moving average of the high and also the
eight-period moving average of the low. Price is also above the 20-period EMA.
You take intraday long setups until this trend reverses.
Stocks are
(
ABC |
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PowerRating),
(
AVY |
Quote |
Chart |
News |
PowerRating),
(
MAY |
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Chart |
News |
PowerRating),
(
MCHP |
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Chart |
News |
PowerRating),
(
MXIM |
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Chart |
News |
PowerRating),
(
BRKS |
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Chart |
News |
PowerRating),
(
SYK |
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Chart |
News |
PowerRating),
(
ISSX |
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Chart |
News |
PowerRating),
(
SEE |
Quote |
Chart |
News |
PowerRating),
(
FITB |
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News |
PowerRating),
(
BBY |
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Chart |
News |
PowerRating),
(
IP |
Quote |
Chart |
News |
PowerRating) and also
(
ADSK |
Quote |
Chart |
News |
PowerRating).
Have a good trading day.
Five-minute chart of
Friday’s SPX with 8-, 20-,
60- and 260-period
EMAs
Five-minute chart of
Friday’s NYSE TICKS
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Additional
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