The markets were unable to sustain early strength following the better than expected existing home sales and leading indicators. S&P and Nasdaq both took out recent range tops, but DOW did not. This non confirmation led to a full retracement, followed by 50% bounce back to end the day modestly higher. Financials were once again the weak link, and this is starting to feel more like a bear flag than a box play.
As anticipated $USD moved back below trendline and into the wedge.
Trade Setups for tomorrow:MS and GS testing trendline support. If they break, we can expect a nice retracement back to pivot areas.
ABX - another name testing its trendline on 15 min. Could be a good for a gap fill.
2 comments:
Hey Jamie,
V and MA look interesting - see the dailies.
Hey Jim,
Thanks for reminding me. I went through my WL earlier and forgot about V. Definitely looks like a bear flag BO setting up at $42. MA $120.
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