Sun’s Out
Outhouse
to the penthouse yesterday, as
emotion made the first move, and then we got to play the contra reflex up. Thank
you very much. Have a nice day. The NDX
(
$NDX.X |
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PowerRating) came out of a 1 2 3
breakout to new intraday highs above 1355, and at the same time, trading above
its 8 MA of its high and 8 MA of
its low, in addition to the 20 EMA, all on your five-minute charts. If you used
a 13- or 15-minute chart, it was out of a trading range between 1356 and 1344.
It doesn’t matter the intraday time frame, just that the pattern is different
for each. The NDX rallied up to an intraday high of 1395, closing at 1392.96. It
was a 1.5 volatility band day for the
(
QQQ |
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PowerRating)s and
(
SMH |
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PowerRating)s, as it was with
(
KLAC |
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PowerRating) and
(
MCHP |
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PowerRating), just to name few. These trades jump out at you when
you have your printed screen of volatility bands in front of you.
Once again, we got
opportunity after emotional reaction. Happens just about all the time. Sometimes
it only lasts for a scalp resuming the direction of the open, and other times,
such as yesterday, we trend. Either way, it’s good for us.
The NYSE volume ratio
ended positive at 55, but the volume was light at 1.098 billion, and the breadth
was positive again at +508. Both the NDX and SPX
(
$SPX.X |
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a bit, while the Dow, due to
(
IBM |
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ratio for the Nasdaq was 60, with volume at 1.6 billion, which is about 10%
below average. The retail stocks downgraded by Goldman Sachs on April 1
creating your instant air pocket have rebounded, and the
(
$RLX.X |
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PowerRating) is
back to 954, exactly where it closed before the downgrade.
Most all of the sectors
finished slightly green after the afternoon rebound, leaving some room for
additional trading upside today. I see that the VIX indicators are pointing up,
and there is an early green in the futures and various OTC stocks pre-market, so
maybe we get lucky and have a trending day up for a change. The sun is out here
in New York, and that’s as good a reason as any I’ve heard today. Â
Stocks
Today
I couldn’t find my
S&P 500 and NDX 100 screens on the site today. If you did, let me know.
Today I’m going to focus on the
(
SPY |
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PowerRating)s which had a top-of-the-range close at
the .618 retracement to the recent swing point low, and also, the
(
DIA |
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PowerRating)s with a
top-of-the-range close after touching its 200-day EMA yesterday in a flag
pattern
The
(
$SOX.X |
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the same pattern as the DIAs, hitting its 200-day EMA yesterday, then
re-crossing to the upside both the 200 and 50, and closing above both of them. In
the semis, I’ll look to
(
NSM |
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PowerRating),
(
NVLS |
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PowerRating) and
(
MCHP |
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PowerRating).
Also,
(
ESRX |
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PowerRating), and
I’m going to keep an eye for an intraday setup on
(
NVDA |
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PowerRating). It’s at its
.618 retracement to the September low, and it’s been holding it for six days and
it had a top-of-the-range close.
Other stocks:
(
SCHL |
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PowerRating),
(
THQI |
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PowerRating) and
(
CTAS |
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PowerRating).
In the financials, which
all closed well yesterday,
(
FITB |
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PowerRating),
(
C |
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PowerRating) and
(
BAC |
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PowerRating).
Also,
(
GM |
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PowerRating),
(
NSC |
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PowerRating)
and
(
TIF |
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News |
PowerRating).Â
Have a good trading day.
Five-minute chart of
Monday’s SPX with 8-, 20-,
60- and 260-period
EMAs
Five-minute chart of
Monday’s NYSE TICKS
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