Gap ‘n’ grind yesterday, the move is being attributed to bad economic numbers and Ben Bernanke’s inaugural blog post. I think we are still just chopping around the same range, the tape feels nervous and consequently there is no conviction in either direction. The Dollar is now creeping back to highs and today is the last day of the Q so I don’t think we get anymore ‘conviction’ today. I am will look to be involved in any trend days that present themselves but my bias is to the SHORT side so I will keep that in mind.

$TRIB 200 sma is at 19.38, previous high at 19.69 and the big one is 20.00. Could get pushed around a bit today with Q – end but still looks good.

$SPY gap and grind higher yesterday and looks like a gap down this am. 206.96 is yesterday’s low and an area of interest the fact we are revisiting it already tells me everything I need to know. Uncertain. NEUTRAL/SHORT

$CL_F trying to hang in needs to hold 46.67 for me. 48.00 is also a key level. An Iran deal is the major headline risk for it at the moment. LONG/NEUTRAL

$EURUSD is rolling over again a retest of 1.05 seems likely. SHORT

$GBPUSD similar to the EURUSD but weaker, 1.46 seems likely. Consensus at the moment is that whoever wins the election is bad for Cable which seems odd to me but reinforces my view that the sellers are in control until at least May 9^th . SHORT

$IBB 341.49 level to watch into month end. NEUTRAL

$AAPL Still the go to asset in the market, looks like it is forming a new base (121-130) in a large uptrend. Be patient. LONG

$BABA really beaten up but trying to build a base. 87.00 is the first level to break from to confirm the base, I am looking for an entry. LONG/NEUTRAL

$CYBR is trying to setup for another move 50-55.00 is the range to watch for it. LONG

$FB held retest of the 82.00 could be just starting a larger move, may need some time but target trend days. Needs to hold 82.00 on a closing basis. LONG

$GPRO really beaten up, 44.00 a big level, has been showing signs of life in spite of the market conditions, worth paying attention to. Needs a heavy volume break to the upside.  LONG

$TWTR flushed weak longs yesterday, didn’t quite close strong enough for me to consider an immediate entry. I would suspect and hope today to be inside. LONG/NEUTRAL

$TSLA ripped on new product announcement but still v weak, continues to punish anyone that presses. My bias still very much to look for a SHORT

The market endured a terrifically flat day on Friday after a week of selling, resulting in an inside day. The futures are indicating a green open, my inclination is to look for a spot to fade the gap up into key resistance, I definitely won’t be rushing to buy. With 2 days to Quarter end we could be quite choppy but I don’t think we go too far in either direction unless something big hits the tape (Iran, Greece etc…).

$TRIB failed at its 200sma, but still holding in reasonably well considering the carnage in the Biotech space. It is equal parts frustrating  and constructive, I think a 20.00 break is on the cards soon.

$SPY inside day hi-lo 205.95-204.90. 207.00 is significant resistance, I want to fade this gap if it sets up on the 60min chart. Possibly drifts up for the next few days so be patient and disciplined! SHORT

$CL_F looks good to me if it holds 46.67. 48.00 is shaping up to be good support as well. An Iran deal is the major headline risk for it at the moment. It is in no-mans land here at the moment. LONG

$EURUSD is rolling over again a retest of 1.05 seems likely. SHORT

$GBPUSD similar to the EURUSD but weaker, 1.46 seems likely. Consensus at the moment is that whoever wins the election is bad for Cable which seems odd to me but reinforces my view that the sellers are in control until at least May 9^th . SHORT

$IBB 341.49 level to watch into month end. NEUTRAL

$AAPL 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. 87.00 is the first level to break from to confirm the base, I am looking for an entry. LONG/NEUTRAL

$FB held retest of the 82.00 could be just starting a larger move, may need some time but target trend days. LONG

$GPRO really beaten up, 44.00 a big level, has been showing signs of life in spite of the market conditions, worth paying attention to. LONG

$TWTR Frustrating couple of days as it tries to hold 50.00, I like it long term but could be market dependant. Had an inside day on Friday hi-lo 50.89-49.94, watch those levels for clues LONG

$TSLA I think any strength can be sold unless 200.00 is retaken with authority. Target 120.00. SHORT

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

The Fed successfully managed to hedge the removal of ‘patient’ from its statement by conveying the need for patience with other words, the fact that the fate of the world hangs on the wording of a statement from the Fed tells you just about everything you need to know about the state of the markets. The ‘dovish’ statement caused a USD puke and everything else followed from there. Usually an igniting bar like yesterdays is a good indicator of a new trend but I am a bit sceptical of this one. The USD has almost returned to the scene of the crime and is still in a v strong uptrend and the markets have been at best frustrating for bulls and bears for a while now. This doesn’t necessarily make the market an outright short but I do think caution continues to be warranted.

$TRIB holding in reasonably well would like to see it through 20.00 soon. I’m not sure why the 18.80s continue to present such consistent resistance but if we can leave them behind I think the stock could begin a new uptrend.

$SPY in all likelihood will be an inside day today. Edges to watch 211.27-206.62!

$IWM leading. Closed at new highs.

$CL_F big rip on USD weakness yesterday, has been sold into ever since. Unlikely we have seen the low

$AAPL cleared its DTL yesterday has joined the Dow today, worth looking at on weakness but probably leave alone for now

$BABA acting much better, I messed up the entry yesterday, looking for a new Long entry.

$FB looks like it is ready to go, needs to break 82.00 on volume. Look for a strong trend to be involved with Long.

$FEYE and $CYBR had interesting candles yesterday. Still watching.

$GOOGL is acting better, broke consolidation to the upside and is in an uptrend. I like it at 560.00

$SPWR solars were strong yesterday, this one has held its ER gap v well. Watching 32-34.00 range

$TWTR still waiting for some volume and a break of its range. Be patient.

Fed days can be tough to trade, usually a volatile and light open followed by pan flat for an hour or so before announcement and then another bout of stop running. Since we are flat I have no intention of initiating any market trades (potentially stock specific plays but will trim into announcement) until post-Fed.

$TRIB holding in reasonably well would like to see it through 20.00 soon. I’m not sure why the 18.80s continue to present such consistent resistance but if we can leave them behind I think the stock could begin a new uptrend.

$SPY inside day yesterday 208.42-206.98, both edges likely to be tested today. Close is important.

$IWM leading. Bullish engulfing day yesterday

$CL_F new lows every day, may get a rip or 2 along the way

$AAPL at DTL here, it is in this channel until it isn’t, don’t rush in.

$AMBA strong stock but too extended now. Waiting for new pivots to emerge.

$BABA trying to bottom, a big lock-up expires today but that is not ‘new news’. Pressing against DTL 85.00 level to break and ST watch 83.51.

$CSIQ Nice move yesterday, too extended to be involved here but on my watch-list 35.00 a key level

$FB trying again to break its 9 month channel. Needs to break 82.00

$FEYE and $CYBR had interesting candles yesterday. Still watching.

$GOOGL second inside day in a row yesterday, 555.00 is support 564 resistance. 560 is the 200sma and 550 the level it needs to hold for bulls. In a key area!

$KRE $XLF was stronger yesterday but some time churning above 41.00 is constructive, be involved in a trend day up.

$SPWR solars were strong yesterday, this one has held its ER gap v well. Watching 32-34.00 range

$TSLA is very weak IMO, I think a trip to 120 is v possible. 180-185.00 is HUGE. Unless it retakes 225ish don’t trust rallies.

$TWTR still waiting for some volume and a break of its range. Be patient.

The market held and extended its overnight gap yesterday pushing to highs on the close. Yet again the futures are indicating a soft open following a strong day which fits the current narrative of the action ‘undecided’. The charts have an eerily similar look to Thurs-Fri last week, I said then that I liked the early weakness as a potential buy and was very wrong! Despite the strong action in the Indices a number of the ‘big’ names printed inside bars which will help measure the action today, $AAPL $AMZN & $GOOGL all narrowed their ranges tomorrow, if they take out their highs from yday that would be v constructive for the market and I will be watching the $QQQ specifically for that reason. The dollar maybe due a pause in the S-T (Fed tomorrow though) which could help stocks but then there is always the Europe and Greece farce to focus on.

$TRIB holding in reasonably well would like to see it through 20.00 soon. I’m not sure why the 18.80s continue to present such consistent resistance but if we can leave them behind I think the stock could begin a new uptrend.

$SPY gap up, gap down etc… tricky but maybe trying to change the S-T trend. 207.60 is 1 st support. 208.80s a big level of resistance

$IWM leading.

$CL_F 42.85 was yday low, new low this morning at 42.63. Heading to a 3- handle by the looks of it. Some USD weakness will help it hold up but I wouldn’t hold my breath.

$AAPL inside day hi-lo 124.95-122.87. Looks to be gapping higher on open. Potential  trend day Long but be careful/patient it is still consolidating

$AMZN has held most of its post-earnings run and had an inside day yesterday hi-lo 373.94-366.72, watch for a break of the range

$AMBA strong stock but too extended now. Waiting for new pivots to emerge.

$C after a dreadful start to the year it is back to where it started. Inside day hi-lo 54.04-53.40

$EBAY inside day hi-lo 59.98-59.12 can be a tricky stock to trade but watch out for a trend day through that range

$FB 78 is basically exactly the mid-point of this 9 month consolidation channel and it is holding it reasonably well. Nice candle albeit weak in a strong day for the market. Longs vs 77.36 seem sensible.

$FEYE and $CYBR had interesting candles yesterday. Still watching.

$JAZZ testing 180.00 again…

$KRE $XLF was stronger yesterday but some time churing above 41.00 is constructive, be involved in a trend day up

$SHAK needs to tighten up but has potential to take out IPO highs.

$TSLA is very weak IMO, I think a trip to 120 is v possible. 180-185.00 is HUGE. Unless it retakes 225ish don’t trust rallies.

$TWTR still waiting for some volume and a break of its range. Be patient.

Squeezed out of my short on Thursday and then washed out of longs on Friday says it all about the market at the moment, tricky. In hindsight my stops on the longs should have been tighter, in the S-T we are still being controlled by a down-trend so Longs are harder to trust. In general the market is very extended but it has been for a while and the predominant trend is still up until it isn’t. We seem to be keying of the USD strength at the moment which is going (or is) parabolic at the moment, a pause in the upward momentum may take the pressure off the markets. The Futures are nicely green as of writing this, I think we need to be ready to act on the long or short side depending on how the first couple of hours pan out, I will wait to see whether the early strength is going to hold or whether we are going to retest the lows.

$TRIB holding in reasonably well would like to see it through 20.00 soon.

$SPY gapping open punishing any shorts held over the weekend. 207.00 is a key pivot any meaningful consolidation above it would be constructive. Below that is 204.58 and 204.40, it we lose these levels 200.00 is the next spot to watch

$IWM above last week’s high in the p-m, has been leading. Looking for a trend day to buy.

$CL_F ticked 43.58 overnight, cute, has a low of 43.57. Not done going down IMO, think the 30 handle is coming soon

$AAPL 121.63 and then 120.00 are support, still being controlled by the DTL

$AMBA strong stock but too extended to be initiating here, on my watchlist but that is all

$EBAY a bit more sideways chopping would be ideal, 58.00 a good level to buy or a strong trend day. Something is cooking here IMO.

$FB holding 78 but weak on Friday, I think it has potential to hold the upper level of its range which would bode well for a breakout. I am looking for a trend day to be involved.

$FEYE holding up well despite a weak Friday

$GILD until it clears 105 I am sceptical, watching 95.81 – 107.31. Is over-owned IMO but it is in a red hot sector so take care.

$JAZZ choppy and thin. I am waiting for a break above 180 with volume to be involved, or a heavy volume move to 180 to start a position.

$KRE working on a major break out (monthly time frame), dips to 41 are buyable vs 40.69

$NFLX I wouldn’t be long.

$SHAK needs to tighten up but has potential to take out IPO highs soon

$TSLA is very weak IMO, I think a trip to 120 is v possible. 180-185.00 is HUGE. Unless it retakes 225ish don’t trust rallies.

$TWTR had a decent first half of the session on Friday before getting sold with everything else resulting in an ugly candle. I think a large move is potentially brewing to the upside here so I am looking for a good swing entry

And just like that some buyers turned up, we were short overnight but covered on the open allowed the market to digest and then switched long for the continuation. We have rallied into the top of the short-term down channel, if the bears want to remain in control then we shouldn’t go too much higher. The futures are slightly red this morning following Oil down, although in the LT there is very little correlation between the 2 on an intraday basis it does impact the trade. The dollar should have far more impact but having had an incredible move over the past few months it is only now getting on to CNBC (I am using them as a proxy for the man on the street), in the ST it is extended but in the LT it could go a lot further.

$TRIB held up all day and then was taken down into the close on 4k shares it is holding in reasonably well would like to see it through 20.00 soon.

$SPY trying to break the ST downtrend, 208 is going to be an important level. Initially watching 207.10 resistance and 206.40 support

$IWM leading, can buy intraday dips. It is less impacted by USD strength.

$CL_F 54.24 - 46.67 is the range to watch. Has broken the low pivot of the range. Heading to test 43.58 IMO

$AAPL reversal candle yesterday. 121.63 is the new low to swing against, 129.57 is the high to retake for continuation, still in a ST DT

$AMBA failed at highs, is extended. Wait for some weakness before revisiting.

$CYBR didn’t love the secondary news, will need time for the extra supply to be absorbed. I am dropping from this list but will be watching for a new base.

$EBAY a bit more sideways chopping would be ideal, 58.00 a good level to buy or a strong trend day. Something is cooking here IMO.

$FB held its 50sma and had a nice base, still in its range but we are long a starter here. 80.00 has been key for a while but ultimately 82 is the level. Would like it to hold 78.80 and then look for weakness to add.

$FEYE has consolidated the break out well, think dips can be bought vs 42.

$GILD until it clears 105 I am sceptical, watching 95.81 – 107.31. Is over-owned IMO but it is in a red hot sector so take care.

$JAZZ choppy and thin. I am waiting for a break above 180 with volume to be involved, or a heavy volume move to 180 to start a position.

$JUNO a new issue I am watching on the long side.

$KRE lovely day yesterday, dips to 41 are buyable vs 40.69

$MYL wow. Missed this one, too extended to initiate here.

$NFLX I wouldn’t be long.

$SHAK confirming its momo credentials after that move yesterday! Wait for it to tighten up before initiating. Has $GPRO/$BABA etc. written all over it (ie hard rally then spectacular fail!)

$TSLA is very weak IMO, I think a trip to 120 is v possible. 180-185.00 is HUGE. Unless it retakes 225ish don’t trust rallies

$TWTR at a LT DTL. Is looking better and better. Buy 46s vs 45.00. Be patient potentially huge move brewing.

The S&P had every reason to try and rally yesterday but did not have the power closing on the lows again, the weakness in $AAPL and oil didn’t help against the backdrop of a plummeting $EURUSD. That being said the Small and Mid-Caps ($IWM and $MDY) held up well and the $IBB continues to be very solid. The futures are green again this morning but this pattern of green opens and red closes is not particularly bullish and I will be continue to be skeptical until we either base around here or get a proper flush.

$SPY the hi-lo yesterday was 205.50-204.40, the futures are pointing to a green open again but the ST trend is to the downside.

$IWM 121.14 is the level I am watching, was strong yesterday but still in a down trend.

$CL_F 54.24 - 46.67 is the range to watch, a re-test of the lows seems likely at the moment.

$AAPL not done going down yet but getting closer, 122.11 pivot to watch today, 120.00 the area I am interested in.

$AMBA too extended to be involved for a swing and a bit thin to day-trade but if we get a trend day through 68.50 I will look to be involved. V strong

$CYBR gapping down p-m test of the gap (52.30) is going to happen how it reacts will set the tone in this one.

$EBAY a bit more sideways chopping would be ideal, 58.00 a good level to buy or a strong trend day. Something is cooking here IMO.

$FB back to the middle of its range. 77.26 pivot for today, need a flush and strong reclaim to be involved. I’m not in a hurry.

$FEYE inside day yesterday, potentially ready to go again, watching 42.47 and volume. Stops at 41.06.

$IBB unsurprisingly did an inside day yesterday, I am watching 344 to break for a trend day.

$GILD until it clears 105 I am sceptical, watching 95.81 – 107.31. Is over-owned IMO but it is in a red hot sector so take care.

$JAZZ choppy and thin. I am waiting for a break above 180 with volume to be involved, or a heavy volume move to 180 to start a position.

$JUNO a new issue I am watching on the long side.

$KRE 41.00 for the break and 39.00 for support. CCAR reports may get it going.

$MYL got a move! If it can hold the majority of it I will look for a position for continuation through 60.00

$NFLX short-term extended to the downside but still not a lot of support, likely a weak sideways move here

$TSLA is very weak IMO, I think a trip to 120 is v possible. 180-185.00 is HUGE. Unless it retakes 225ish don’t trust rallies

$TWTR at a LT DTL, needs time, but I am watching for high volume days

We got the move yesterday that everyone (well certainly I) was expecting on Monday, the good old gap ‘n crap. It shouldn't have come as a surprise we have broken all the accelerated trend levels and are now moving back to test more substantial areas. One day the narrative will change and that could well be this time but until we break the 6 year ‘bear killer’ trend, shorts are only to be rented and not owned. That being said I don’t think this is the area to begin buying the $SPY in the ST strength is being sold although some areas are holding up remarkably well. Until the $IBB breaks it is hard to imagine us having a genuine correction, dips continue to be bought.

$TRIB is holding in reasonably well would like to see it through 20.00 soon.

$SPY the hi-lo yesterday was 206.81-204.93, the futures are pointing to a green open but the ST trend is to the downside I am very suspicious of any rally. I think we are heading to test 200.00 and potentially the 197.86 low.

$IWM did hold 120 yesterday and if it can consolidate in this area is a potential leader if we start going back up .

$CL_F 54.24 - 46.67 is the hi-lo to watch, I am becoming more bearish here I have to say. A trip to the 30s is v possible IMO.

$AAPL IMO there are quite a few ‘bag carriers’ trapped in this one, it has had a fantastic run and the LT trend is not in danger however I’d like to see it at 120 or continue to build a flag.

$AMBA strong in a weak market yesterday, ideally it will continue to chop above 63 for a few sessions but I am watching for a break to be involved. 67.00 and then 68.50 the levels to watch.

$CYBR consolidating. There is no trade here yet, a test of the gap (52.30)  is possible if it can hold it then could continue.

$EBAY something is going on here but it is too extended to be involved, I am watching it though.

$FB back to the middle of its range. After 4 weak days a flush of 77.55 may present a good L opportunity otherwise leave it.

$FEYE still drifting would like it to hold 40.00

$IBB took out the highs and lows of Monday yesterday and closed well considering the market, needs some time but is the ultimate leader at the moment!

$GILD until it clears 105 I am sceptical, watching 95.81 – 107.31. Is over-owned IMO but it is in a red hot sector so take care.

$JAZZ choppy and thin. I am waiting for a break above 180 with volume to be involved, or a heavy volume move to 180 to start a position.

$JUNO a new issue I am watching on the long side

$KRE v weak day yesterday not ready yet. I am watching 41.00 for the break and 39.00 for support

$MYL needs time but is on my watch list for a potential large move, needs to get above 58.00

$NFLX short-term extended to the downside but still not a lot of support.

$SHAK new issue which was strong yesterday despite the market, need it to tighten up a bit. Sometime above 45 needed and a break of 48.00 what I am looking for

$TSLA is very weak IMO, I think a trip to 120 is v possible. 180-185.00 is HUGE. Unless it retakes 225ish don’t trust rallies

$TWTR at a LT DTL, needs time, but I am watching for high volume days

We had an inside day yesterday in the indices’ which is being resolved to the downside with a gap down today. The problem is we have seen this so many times before that it is foolish to say ‘this is it’, however we are very extended and there are many macro issues in play. The large trend is still in control however it seems likely that is tested again. In the short term I am looking for shorting opportunities whilst also keeping an eye on the names that hold up well

$SPY 207.10 was Friday’s low and we are gapping below on the open, potential TD down, 206.00 is a level to watch and also the 50sma so expect some ‘basing’ around it

$IWM potentially a huge failed breakout, needs to hold 120 in the short-term. Usually a good tell for the market in general

$CL_F 54.24 - 46.67 is the hi-lo to watch, I am becoming more bearish here I have to say. A trip to the 30s is v possible IMO

$AAPL the event failed to wow and I think it is due a ‘shake-out’. 120 is my target. If gets back above 130 I will reconsider that

$AMBA unlikely to get going in a tricky tape but is on my watch-list as a future leader

$CYBR would love to see it hold the 50s for a while and create a base.

$EBAY something is going on here but it is too extended to be involved, I am watching it though

$FB has gone from looking great to not so great in 3 sessions, needs time still

$FEYE would like it to hold 40.00

$GILD I think this is over-owned and prone to a painful shake I am watching 95.81 – 107.31

$JAZZ choppy and thin. I am waiting for a break above 180 with volume to be involved, or a heavy volume move to 180 to start a position.

$JUNO a new issue I am watching on the long side

$KRE 41.00 is the level to break on this one. I am hunting a good entry for a starter position.

$MYL needs time but is on my watch list for a potential large move, needs to get above 58.00

$NFLX short-term extended to the downside but still not a lot of support, ia m looking for an opportunity to short

$TSLA is very weak IMO, I think a trip to 120 is v possible. 180-185.00 is HUGE.