That higher hi in
$SPX this AM came with 284 new highs on NYSE. Last week: 333. Wk before : 398.Peak: 495. Opp. direction of index
That's a Tweet from Helene Meisler this morning after the dump in the markets, I've been seeing the same thing on my "Market Monitor", which keeps track of 4% up and down moves of over 2500 stocks I keep track of on the daily and weekly, here's what the charts look like:
Futures are flying this morning on the Cyprus "BAILOUT", ES up about 8.25 points, as the World cheer's the country being saddled with MORE DEBT, above that which it can't pay back already, sigh, wad ever. I thought the whole fear was the confiscation of private deposits, which might cause Bank runs?? Well, it turns out that depositor's above 100,000 Euro's may get a hair cut of 30-90%............. WTF is THAT about???
ANYWAY, this week is the end of quarter, with the start of the next quarter next week, which is "Traditionally" one of the strongest seasonality periods of the year, so, ENJOY!
Here's Toni Hansen's watch list for BUY set ups for this week from the swing trading meeting yesterday, your on your own of course as far as taking any of them:
The Details. Note: Please see the recorded session for greater input and the reasoning behind each strategy:
FNF is another two wave pullback on the daily time frame into major weekly support. Watch the 60 minute time frame for buying opportunities.
GRMN has a similar selloff recently compared to FNF and is at major support. Watch for intraday strategies on a 60 minute time frame for upside channel breaks.
INTU, INTC, FAST have two wave corrections as well on the daily time frame with additional upside potential. Be aware, however, that the larger trends are entering exhaustion.
X is also a two wave pullback, but on the weekly time frame where it is hitting major support as an equal move as well as prior congestive support. Momentum has shifted into the support with 2B strategies repeating on a 60 minute time frame.WLT is forming price exhaustion on the weekly and daily time frame after retesting previous lows on the larger time frames. Momentum has shifted with a 2B on the daily chart.
NIHD is forming a Momentum Reversal Buy on the weekly time frame. On the daily time frame it has experienced a two wave pullback with equal moves on each wave, leaving it at support.
DDD as formed an inverted "V" on the weekly time frame and is once again retesting support. Slightly lower lows remain possible on the 60 minute time frame, but a larger reaction off the weekly support should occur within a week or so.
PPLT is in the second wave of a 2 wave pullback on the weekly time frame and is favorably shifting momentum on the daily time frame. This will be a more difficult trade due to the gaps.
MSG , SUI, MDLZ all broke higher out of trading channels on Friday, but have additional potential, so I will be watching for intraday continuation strategies.
WYN, PFG, and TIF have smaller pullbacks that are hugging upper level resistance and have short term swing potential although the trend extension is an additional risk factor.
Shorts from our session:MHK, SHW, and NSC have Momentum Reversals forming on the daily time frame.
GWW, OC, CRI, and SNP are forming daily Avalanches
LVS and LIFE are forming double tops on the daily time frame