It’s really hard to say at this point – the market didn’t seem to care about the NFLX numbers, but are starting to feel the AMZN pressure a little more. My feeling is that we’ll struggle to continue today’s momentum through tomorrow. Short-term traders are ruling the market right now and I would expect some profit taking after today’s SPX move up over 2%.
The $SPX daily chart…
- RSI14 is north of 50 (good news)
- We broke through trendline resistance and held above (good news)
- We broke through SMA50 and held above (good news)
- We tested horizontal resistance at the 1098 range and failed (cautious)
- Volume didn’t imply a breakout (cautious)
- Big one day moves often consolidate or are followed by a day of profit taking.. Especially on Fridays (cautious)
ACAS – Nice coiling action with a good-looking rounding Full Sto. There is a lot of potential here for a breakout, so keep this one close to your watch list. Needs to get above SMA100 before I’ll consider long.
CIGX – I freaking love this chart. Breakout above this trendline and we have a great looking swing opportunity with trailing stop. I actually played it today for a nice little return on a scalp, but I want more J
As always, check out the news on all of these – earnings, etc. – and minimize holding too much at one time and holding stocks into earnings.. it’s a good way to make money, but also a great way to lose it.
See you in the boom factory tomorrow.