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Pretty much a slow week all the way around as expected. We are getting some small pull backs across the indices to start off the year but still remain above the 20 EMA and nothing has really changed yet. What would catch my attention in the SPY is if we broke back below the previous break out level right around $182 and held below that. In that case 'bull trap' would be echoing in my brain and would be looking for $178 to be tested. If $182 holds though nothing has changed and we are likely to head higher. The QQQ is back at the 20 EMA and the past 4 times we have been here buyers stepped in and took it higher. There is no real break out level to watch so I'll be watching that 20 EMA on the NASDAQ. IWM found resistance right where it should have, at the top of the wedge pattern trend line. It actually looks the best as of right now for more upside after closing green today with a doji. If it wants to head lower, the obvious support level is the 20 EMA and that lower trend line. If it wants to head higher, it should stay above the 20 EMA and it has room to test the upper trend line.
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Internals showing mixed signals here. VIX is backing off of the mid point heading lower, which is strange since the SPY was also heading lower the past two days with it. the S&P 500 stocks above 200 SMA indicator has turned lower once again with yet another divergence in place. If it keeps this up, eventually it will continue heading lower and break that 75 level, at which point we could have a real correction in the market.
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AAPL - Will be watching for bullish reaction above $540 for more long trading
ADM - Keeping above 20 EMA will be good for more long side
AIG - Been waiting on this one for a while, still like it to the upside
AKAM - Still a chance to see higher prices if it can get and hold back above $47
AMGN - Weekly setting up good want to see more on daily to participate
BA - Been waiting on this one for a while, a close above $138 could send it higher
BBY - Weekly could springboard prices higher here
BMY - I like this above the 20 EMA
CAT - Finally awakening into 2014 and I want to play the rippage.. need a setup on daily
DECK - Looks good for higher prices above $82
FB - Hesitant to list this one but holding above 20 EMA & fib level would be good to see
FSLR - Really like this weekly, want to participate through daily setup
GE - Watch for this to hold the 20 EMA and head higher
GMCR - Looks good for higher prices
GRPN - Looks good for higher prices
HLF - Need to see more on daily but holding above 20 EMA will be good
HPQ - Looks good for higher prices
JPM - Listed this one last week, still giving opportunity to enter but earnings are soon
MRK - Close & hold above $50 will get me very interested
P - I like this weekly chart and daily chart micro analysis
SNDK - Need to see more but watching for large base before moving higher
TRIP - Hesitant to list this one due to daily chart, but like weekly.. need to see daily setup
TSLA - Looking good above 20 EMA
TWTR - Weekly chart closing well into distribution bar bodes well for bulls.. watch hourly for setup
VMW - Back in play, I like both weekly and daily charts
XOM - Watch for bullish reaction in demand zone for higher prices
YELP - Really like weekly chart, want to see daily setup better to participate
YOKU - Really, really like this one longer term.. daily is setup, looking to play far out options
Most of these setups are going to depend on how well the market acts next week just as they always do. If you want to catch updates throughout the week follow me on stocktwits or twitter. Thanks for reading
"We don't understand fully how large-scale asset purchase programs work to ease financial market conditions." - William Dudley, President of the New York Fed
Trade well,
-Michael
