Ok, so the Fed minutes read like the end of the world today. From looking at price action the last couple of days, traders were anticipating this. Looking at the daily chart for SPY it appears as if the bottoming process is underway, no surprise there. We still need to get through the downward sloping 200 day moving average and overhead resistance, however, the pullbacks the last couple of days are needed if we are to make a run for resistance.
The $136 level is a very important area to watch here. If we can maintain this support that would be very bullish for the market. One area of concern here is the negative divergence on both the MACD and the
Stochastic Indicator. Even though I am somewhat bullish here I still remain cautious.
Look at how the sellers have become more aggressive late in the day. As short-term traders we must be aware of this and be very aggressive getting in and out of positions. Tommorow is very important from a technical standpoint.
GGB continues to remain strong and has avoided the late day sell-offs.
FTI has shown it's ability to bounce.
CLB is up $.45 since our entry and continues to hold above support. The $130 level is a very important level to watch. A breakdown there and I would consider getting out.
BVN had a tough day and it appears it has re-entered it's symmetrical triangle, stay tuned.
VIVO had awesome price action today. After the gap down it continued higher, and fast, for the rest of the day.
KWK defended it's support today and it looks as if we might be seeing a major move from KWK to the upside, stay tuned.
RIG, nothing really doing there. Still like the stock though.
BDE looked like it might be overextended and we have seen some profit taking the last two days. Looks like the selling is done and I expect some good movement the next couple of days.
TEF gapped down right to it's support level and didn't really do much from there, stay tuned.
HK continues to look really strong.
