Yesterday the SPY, QQQQ and DIA started the day off weakly and came right back up, typical price action of a bullish market, Price actin over the past 5 days had been really choppy but in the big picture, its nothing but a pullback after momentum. 112.50 Is the key level to watch in the DIA and 120:00 in the SPY. If prices come back into that range and close for the day then thats a bearish sign that things might be changing, so far shorts havent been working out due to the strong market but that might change soon. Commodities were the strongest sectors yesterday lifting the market a little bit with Tech and Financials starting the day weak but recovering into the day. I will keep an eye on commodities today as they led the market up yesterday.
Longs:
HAL: A long after taking out key levels in the afternoon session yesterday.
VLO: Another A long on above average volume in this energy stock.
CVX: Took out key resistance at 86.00 and closed above it. I expect some follow through if prices hold above 86.00
XOM: A long that is almost vertical on the daily charts which demonstrates the strong order flow in this stock.
Breakouts:
UNH>37.50
SLB>76.40
NUE>40.95
JNPR>35.00
ADM<30.50
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