Welcome Back Buyers
Intraday Update   Â
The Nasdaq futures have been trending higher since
reversing off their lows. They’re slowly chugging along. Watch for a move above
the intraday high set early this morning.
Index Check Up
(
OEX |
Quote |
Chart |
News |
PowerRating)
On Monday I mentioned that I would take
a look at the S&P 100, better known as the OEX. Let’s see where we stand
today. Since breaking out from near-term resistance, the OEX has slowly
been trending higher. The question that remains is whether or not this channel
will result in an upside breakout, or the formation of a bearish flag pattern.
Today’s Watchlist:Â
(
BRCM |
Quote |
Chart |
News |
PowerRating),
(
SCMR |
Quote |
Chart |
News |
PowerRating)
Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating) broke out to a new high on Monday. On
Tuesday it opened near its close and immediately fell. Set your alerts just over
Monday’s intraday high and watch for a continuation move. Another possibility is
the formation of a cup-with-handle pattern. Only time will tell.
Sycamore
(
SCMR |
Quote |
Chart |
News |
PowerRating) has been in a channel for several months
now. Still off its all-time high, the stock has been moving up quite nicely. As
with any channel, finding entry points can be difficult. Watch for pauses and
setups within the channel itself. Look for short-term shelf patterns and
consolidations. Some traders may want to enter on bounces off the channel walls.
Today’s
Shortlist:
(
VYTL |
Quote |
Chart |
News |
PowerRating),
(
SNPS |
Quote |
Chart |
News |
PowerRating)
Viatel
(
VYTL |
Quote |
Chart |
News |
PowerRating) broke
through support on Monday and set a new 52-week low. On Tuesday we’re watching
for a continuation move below Monday’s intraday low to provide us with a
potential short opportunity. Should it reverse course and head north, look for
the price to hit the 50-day MA, as it has served as resistance for the last few
months. Watch for volume-backed moves.
Synopsis
(
SNPS |
Quote |
Chart |
News |
PowerRating) has been trending lower ever since it broke
support. Which each leg lower we see a pause. Watch for another short-term base
to form and for the near-term downtrend to push it below any support that it may
find. Look for descending triangle formations to trace out as a result of the
convergence of these two trendlines. SNPS is well below most of the crucial MAs.
Until later,Â
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