30.05.2017 – Choppy action

QQQD1         DIAD1

SPYD1

As you see in charts of $QQQ and $SPY we have broke all time hi with $DIA lagging. In previous moves we have seen leadership in $QQQ and $DIA before SPY broke all time hi. . Now we see that $DIA is lagging and $QQQ is leader which can mean change of market sentiment so caution is warranted.

Also we are little overbought and i think we will need more time for a rest.

Prior pivots on SPY are 240.70 , 235.50 and 139.75 ,136 for $QQQ where next bounce may happen.

 

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Market Update 18.05.2017

S&P500 :

SPYD1

The prior pivots for trading are 2405.77 and 2321.25 on SPX (240.67, 231.50 for SPY ) which are also the highs and lows on weekly chart of the last 3 months on SPX. Don’t get too bearish until SPX broke and hold below 2322.25 .

NASDAQ :

QQQD1        XLKD1

The prior pivots for trading this week are $139.64 and $133.82 on QQQ ($56.13 – $53.63 for XLK) .Bulls should step in at $133.82, if this didn’t happen we may see a move to $130.40 or $129.25 .

Financial : 

XLFD1

Next spot to watch is $22.90 , if bears broke and hold below we can go to $22.50 or we may see more significant downward action to $21.90.

Biotechnology :

IBBD1

As biotech fail to maintain gains and gain power for further upside action in March and May we may see a move down below $286. Don’t get too bearish until market will broke and hold above this level.

 

05/01 – 05/05 Utilities

XLU

Prior pivots for trading this week are 52.23 and 51.10 on XLU. As long as XLU hold above 50.75 stay bullish and watch for follow through to clear 52.23 trading strong sub-sectors/stocks. If bears build up power and broke above 51.10 see if they hold and watch for follow through to 50.50 trading weak stocks.

Strong stocks :

NEE, CNP .

Weak stocks : 

NRG .

Interesting ( Trades depending on the sector’s activity ) :

ED, DUK, D, PCG, AEP, EIX, PPL, XEL, ES, CNP, AWK, CMS, PNW, NI, ETR.

 

05/01 – 05/05 Dow Jones

DIA   DJI

The prior pivots for trading this week are 21169.11 and 20723.59 on $DJI (211.59, 207.03 for DIA ). Don’t get too bulish until we clear and hold above all time high 21169.11, trading strong stocks. If bears build up power and broke 20723.59. see if they hold and watch for follow through to 20400 ( 203.80 on DIA ), trading weak stocks.

Strong stocks : 

AAPL, BA, CAT, DIS, HP, MCD, MMM, MSFT, UNH, UTX, V, WMT.

Weak strocks : 

CVX, IBM, XOM, VZ .

 

05/01 – 05/05 Technology

QQQ     XLK

The prior pivots for trading this week are $136.34 and $133.80 on QQQ ($54.49 – $53.63 for XLK) . As long as QQQ hold $133.80, stay bullish and watch for follow through to clear $136.34 level trading strong stocks, but be patient if we will go above 136.34 because we are overbought and we may need more time for rest . If bears build up power and broke $133.80 , see if they hold and watch for follow through trading weak stocks.

Strong stocks : 

MSFT, FB, GOOGL, GOOG, V, MA, ADBE, PYPL, AMAT, YHOO, ATVI, HPQ, EA, GLW, FISV, WDC, APH, LRCX, SYMC, ADSK, LVLT, HRS, JNPR, SNPS .

Interesting for long : 

NTAP, CSRA, AKAM .

Weak stocks :

T, VZ, IBM, ADI .

Interesting for short :

SWKS .

Lagging :

AAPL, CSCO, CRM, INTC, ORCL, AVGO, NVDA, CTSH, INTU, MSI .

 

 

05/01 – 05/05 S&P 500

SPX         SPY

The prior pivots for trading this week are 2401 and 2369.19 on SPX (240.32, 236.50 for SPY ) which are also the highs and lows on weekly chart of the last week on SPX. Don’t get too bullish until SPX broke and hold above 2401 , also we are little overbought so be cautious if it goes too fast on the upside.. If bears build up power, broke and hold below  2369.19, watch for follow through to 2323 on SPX ( 232 for SPY), trading weak sectors/stocks.