Triple Witch At Its Best
At the
end of the day, the averages pushed
— but CNBC had a good time with their inane circus.Â
The Nasdaq 100
(
NDX |
Quote |
Chart |
News |
PowerRating)
gapped down as the QQQs dropped to their 1.5 Volatility Band and a 1776.41
intraday low. From there and out of a 1,2,3 bottom, the NDX advanced with a good
move above 1800 which took it into program time at 2:40 p.m. The .38 retracement
to the 1349 low is 1798 and the .50 is 1711, so the Fib retracement — which was
the highest probability — is in progress. (I would like to say
“ended,” but I don’t think so right yet.)
The S&P 500
(
SPX |
Quote |
Chart |
News |
PowerRating)
gave you that good second-entry short below the key pressure point 1245.96,
trading down to an intraday low of 1235.75. The .38 retracement is 1227. Then
the same 1,2,3 action as the NDX with the first acceleration coming above 1240,
and then the program move at 2:40 p.m. which took the index from 1245 to 1261 in
ten bars, then dropped to 1254 at the completion of the programs, closing at
1255.85.
If you look at your NYSE
Tick chart, you will see that the ticks went from -141 on the 2:40 p.m. bar to
+984 on the 3:15 p.m. bar, before the programs ended abruptly and the ticks
dropped to -220 by the 3:50 p.m. bar and then closed +623 in the next 10
minutes. Triple witch at its best — and all the daytraders thanked them
immensely. The timing was perfect as the 1245.96 level was again reversed on the
first wave of programs and the acceleration was on, giving program traders
another slam dunk.
The two main toys in the
sandbox — the Semis and Biotechs — provided some excellent intraday Slim Jims
and First Consolidation Breakouts to New Intraday Highs. (See the five-minute
charts on
(
PDLI |
Quote |
Chart |
News |
PowerRating),
(
HGSI |
Quote |
Chart |
News |
PowerRating),
(
KLAC |
Quote |
Chart |
News |
PowerRating) and
(
NVLS |
Quote |
Chart |
News |
PowerRating) — just to
mention a few of many.)
Stocks
Today
|
(September
|
||
|
Fair Value
|
Buy
|
Sell
|
|
10.10
|
 11.20 |
 8.80 Â
|
This morning we have retail
sales, so a gap up or down will be no surprise and then there will be more
programs today. Just keep scrolling those intraday charts in the big-cap stocks
especially the Semis and Biotechs, and it will come to you.
Stocks to focus on that set
up on the daily charts:
(
AT |
Quote |
Chart |
News |
PowerRating),
(
GD |
Quote |
Chart |
News |
PowerRating),
(
THC |
Quote |
Chart |
News |
PowerRating),
(
FTC |
Quote |
Chart |
News |
PowerRating),
(
TYC |
Quote |
Chart |
News |
PowerRating),
(
COF |
Quote |
Chart |
News |
PowerRating),
(
LEH |
Quote |
Chart |
News |
PowerRating),
(
FITB |
Quote |
Chart |
News |
PowerRating),
(
KLAC |
Quote |
Chart |
News |
PowerRating),
(
NVLS |
Quote |
Chart |
News |
PowerRating),
(
AMGN |
Quote |
Chart |
News |
PowerRating),
(
CHIR |
Quote |
Chart |
News |
PowerRating),
(
PDLI |
Quote |
Chart |
News |
PowerRating),
(
ABGX |
Quote |
Chart |
News |
PowerRating),
(
AHP |
Quote |
Chart |
News |
PowerRating),
(
FRX |
Quote |
Chart |
News |
PowerRating),
(
JNJ |
Quote |
Chart |
News |
PowerRating). Also
(
CHV |
Quote |
Chart |
News |
PowerRating) and
(
APC |
Quote |
Chart |
News |
PowerRating); and
then
(
QLGC |
Quote |
Chart |
News |
PowerRating),
(
VRSN |
Quote |
Chart |
News |
PowerRating) and
(
SEBL |
Quote |
Chart |
News |
PowerRating).
Have a good trading day.
Tuesday’s SPX chart with 8-period,
20-period, 60-period
and 260-period
EMAs
Tuesday’s NYSE
TICK chart