The ease with which the market has sliced through accelerated trend lines to the downside is, as always, disconcerting. We have however only returned to areas of more significant support, if the market is truly going to roll over here then we need to start taking out more critical levels. Yesterday was a weak grind up after 3 days of accelerating selling, Janet Yellen is due to speak 15 minutes before the market closes so a low volume chop. The trend (short-term) is down so I will be focussing more on market shorts than anything else if they setup.
$TRIB failed at its 200sma, but still holding in reasonably well considering the carnage in the Biotech space.
$SPY didn’t reclaim Wednesday’s low yesterday had a high low of 206.37-204.12, the 200 sma is 201.09, the resistance above I am watching is 205.71 206.62 and 207.00. NEUTRAL/SHORT
$CL_F 42.03 certainly looks like it could hold for a while now. 54.00 is the major level above, has had a nice run for the past week. Trending up. LONG
$IBB nasty week for the biotechs but still in a huge uptrend so don’t press here. 341.49 level to watch. NEUTRAL
$AAPL tagged its 50sma yesterday. Still the go to asset in the market, looks like it is forming a new base in a large uptrend. Be patient. LONG
$BABA really beaten up but trying to build a base. I am watching for dips to buy, bit more chopping would be good. LONG/NEUTRAL
$FB held retest of the 82.00 could be just starting a larger move. LONG
$GPRO really beaten up, 44.00 a big level, has been showing signs of life inspite of the market conditions, worth paying attention to as a LONG.
$TWTR broke out and is now trying to hold 50.00, I like it long term but could be market dependant. LONG
$TSLA the mid 180s level is looming large, a break on volume targets 120.00 SHORT