After breaking through short term horizontal resistance the SPY is set to open higher again on Tuesday. Price target after breakout is 114.20.
The Euro is up 14 pips in overnight trading. Oil is quoting up 62 cents in electronic trading. XLE is up 34 cents in pre-market trading.
SPY is up 56 cents in pre-market trading. XLF is up 3 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,100, 1,112
Resistance = 1,119, 1,125 -1,133
Trading Down: WMT, FAZ
Trading Up: HDB, PCLN, POT, MOS, GMCR, WLT, BUCY, AGU, MON, USD, DOW, X, BA, ATI, IPI, MYGN, FAS, CAT, VPRT, SNDK, NFLX, MCD, CGA, DE, FCX
Look at these Charts…
(click image to enlarge)
SPY –
QQQQ –
FAS –
CF –
UAUA –
SNDK –
DOW –
X –
CREE –
ALGT –
ALTR –
NFLX –
RIMM –
BA –
STX –
DE –
WHR –
ZION –
STT –
GMCR –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
6 comments:
As Rob from Mar 1st says;
"thanks for helping me stay focused on the charts of the mkt, and the stocks I trade. everything else is just noise. you rock!
sincerely, grateful student."
I can't say it any better than that!!
Thank You, Dave!
Scott L of Nashville
Anybody else see the triple bottom, or inverse Head and Shoulder breakout on GLD today.
Dave, do you see the same? If so, price target around 117?
Thanks
Mike F.
I am not sure I would call that an IH&S or triple bottom. I will say it is breaking to the upside forming a higher high and higher low off of good support.
Don
Charting is very subjective as Dave has repeatedly told us. Re: GLD: an inverse H&S as far as I know follows a down trend so does a triple bottom - What I see is a consolidation after an up trend which may or may not break up. Personally I try to avoid applying a "pattern" to any chart because as soon as I do I get biased on the chart. (Dave myathopia is that the word you use). Have a great day all.
CR - I believe the word he uses is "myopia" or "myopic" also known as nearsightedness.
Take care all!
Mishel
Thanks Mishel
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