The SPY is still trading in a range, the levels to watch in the SPY are 119 -116. A break in either direction could signal momentum. If the markets open above, ill be waiting for it to hold above and if it opens inside yesterday ill look at the 119 level to act as resistance and depending on market internals I might enter my trades if we pause right below the level. If we start going down on the day Ill look at the low of Friday to act as support at 117.20. If we fail then we have alot of resistance to the downside, ill have to access the potential of my trades playing out to the short side before entering.
Longs:
SLB: A long that gapped up and held on news of positive earnings.
SBUX: A long and formed a bullish fuel candle on the daily, it slightly took out resistance of Friday and ill be looking for it to hold above 28.50.
BHI: A long that broke out of its range. Next resistance and IPT is at 47.40.
UNH: A long that has room to go after taking out its 52 week highs.
HON: A long that took out resistance yesterday. IPT 48.00
HUM: A long with alot of room to go.
Breakouts:
TXN: A long that has been pausing above resistance on the daily time frame, the pause looks like a bullish flag. 29 is the level to watch.
COST > 64
CVS > 85.00
Shorts:
CHK: A sell short with room to go. IPT at 20.73
AXP: A sell short after short covering exhausted itself out. On friday we got a breaish fuel candle at the 50% retracement level. Next support is at 38.73then 37.90.
Breakdown:
KGC < 17.40
PRU < 52:10
AKS< 13.20 also had an inside day on Friday, if it break AKS can move fast.
BK< 25.12
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