An Uneventful Day
The
SPX
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) and Dow were flat, while
the techs were up again, with the NDX 100
(
$NDX.X |
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Chart |
News |
PowerRating) +2.9%. The
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) finished +4%, with
(
QLGC |
Quote |
Chart |
News |
PowerRating) leading at +16% on 143% more than
its average daily volume, followed by
(
BRCM |
Quote |
Chart |
News |
PowerRating) +14% on 60% more than its
normal volume.
(
NVDA |
Quote |
Chart |
News |
PowerRating) was the only other semi that traded at equal to or
greater than its 30-day average volume and closed up 4.4%. QLGC’s final
afternoon run came out of a Slim Jim at 12:35, as did BRCM. The rest of the
semis all traded 80% or less of their average 30-day volume. BRCM declined 18%
last week from Wednesday through Friday, the 19th. It has now advanced 27% in 3
1/2 days, closing at 35.79 yesterday vs. its 100-day EMA of 36.30.
The 1.27 extension of
that 18% leg down is 35.62, and the 1.618 extension is 37.70. So, we have a
confluent alert zone to be aware of and should be ready for the next intraday
air pocket short setup like last week, while still taking the long Slim Jims,
etc., if the squeeze continues a few more days. These are flat at night trades
only.
The SPX has advanced from
a low of 1057 last Friday to a 1099 high on Tuesday, but for the last 1 1/2
days, it has been range-bound between 1080 and 1090. Once again it failed to get
through the .618 50-day EMA alert zone. I expect the recent 10-day range to be
resolved shortly. The next good
short on the SPX would probably be better from that 1130-1135 confluence, and
you can throw in the 100-day EMA at 1138.
NYSE volume yesterday was
above average at 1.34 billion, but the volume ratio was 45 and breadth slightly
more negative at -369. All in all, I thought it was a very uneventful day.
Stocks
Today
Daily chart setups on the
longside:
(
MCHP |
Quote |
Chart |
News |
PowerRating),
(
GENZ |
Quote |
Chart |
News |
PowerRating),
(
CEPH |
Quote |
Chart |
News |
PowerRating),
(
PDLI |
Quote |
Chart |
News |
PowerRating),
(
CHIR |
Quote |
Chart |
News |
PowerRating), also
(
CHKP |
Quote |
Chart |
News |
PowerRating),
(
CIEN |
Quote |
Chart |
News |
PowerRating),
(
VRTS |
Quote |
Chart |
News |
PowerRating),
(
VRSN |
Quote |
Chart |
News |
PowerRating),
(
EBAY |
Quote |
Chart |
News |
PowerRating),
(
NNS |
Quote |
Chart |
News |
PowerRating),
(
EDS |
Quote |
Chart |
News |
PowerRating),
(
SPC |
Quote |
Chart |
News |
PowerRating),
(
AIG |
Quote |
Chart |
News |
PowerRating),
(
LMT |
Quote |
Chart |
News |
PowerRating) and
(
NOC |
Quote |
Chart |
News |
PowerRating).
On the short side,
(
ELN |
Quote |
Chart |
News |
PowerRating),
(
MDT |
Quote |
Chart |
News |
PowerRating),
(
UPS |
Quote |
Chart |
News |
PowerRating),
(
BMY |
Quote |
Chart |
News |
PowerRating) and
(
BGP |
Quote |
Chart |
News |
PowerRating).
Have a good trading day.
Five-minute chart of
Wednesday’s SPX with 8-, 20-,
60- and 260-period
EMAs
Five-minute chart of
Wednesday’s NYSE TICKS
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