My initial thoughts headed into the week is that the market is trying to turn over and pullback to 1120 range on the SPX over the next week or so. However, I could be completely wrong. In a low volume environment and FED support, it’s hard to predict the direction… explains my short-term positions only, at this point.
There has already been a lot of chatter concerning REITS… and yes, many are setup nicely into Monday from a technical standpoint. The group, in general, has a nice looking ‘swing long’ look to them. The charts I favor include MAC (chart below), AHT (9.50 breakout), and RAS.
The energy sector just came off a strong week and I’ll look for continued strength into Monday. A few to watch include ANR (chart below) – currently testing SMA200 (yellow line) and PCX (I’m long PCX via calls). ICO could be interesting if it can get through 5.69 – obvious resistance level on weekly chart.
Now let’s shift over to oil. Oil is making news again now that we’ve broken the $80/barrel barrier. Here are a few setups to consider on continued strength: PBR – consolidating down nicely on weekly chart (see below). If you’re an options trader, calls might be interesting here, but it may fail strength if price falls below 35.50. careful. SU is seeing massive volume interest and is now testing the top of the trendline on a long term triangle. Volume interest could continue if it gets through (second chart below).
A few other charts of Interest:
S – Spring looks pretty good for more upside. I like the volume.
CRM – On watch as it approaches SMA50
LEN – Testing SMA200 on improving volume.
NFLX – Watching 150 level if pullback continues. Good support there.