Welcome back from the weekend! As the rest of the market returns from the holiday break, we should see more volume and volatility creep back into stocks. Only tomorrow will tell as to whether or not this is a positive or a negative for stock prices.
At the moment, futures prices are trading slightly lower. The Dow is off by 44 points, the S&P down 5 points, and the Nasdaq is down 7 points. Crude oil is up another buck, trading at $47.30. As we talk technicals, take a look at a 5 day chart of the mini S&P futures contract.
Looking at the chart above of the mini S&P futures contract, prices are a little extended to the upside. It would make sense to see the averages retest old resistance levels as support. This means as long the S&P holds 915, the Dow holds 8900, and the Nasdaq holds 1600...the trend still points to higher prices. In fact, if those support levels are tested this week, that will offer the next best point in which to add to your bullish inventory.
On an intra-day basis, heading into the open keep in mind the daily pivot points, courtesy of thinkorswim.
S&P
R2 954.57
R1 940.33
PP 918.42
S1 904.08
S2 882.17
Dow
R2 9199
R1 9076
PP 8895
S1 8772
S2 8591
Below is this weeks Weekly Watchlist. There are a tremendous number of price patterns and bullish/bearish trading ideas to consider this week, despite the tremendous advance in stocks last week. As always, click on any of the links to be taken to thumbnail charts. Enjoy!
Price Patterns
Triangles
ACM, CBRL, FDO, EBS, LHCG, SAFM, TWP, NTRI, AXB, RYN, GPN, BCR, CLH, MEE, ENER, SII, NOV, GMXR, OIH, LTM, NST, GB, GTIV, BLK, CF, NS, APC, AMGN, NTRS
Inverse Head & Shoulders
FCX, KSU, HOS, WTI, ESV, CAM, MELI, X, ZEUS, TBSI
Flags
HEI, UNH, MLM, VMI, CMP, JOSB, RYAAY, IPCC
"Buy the Dips" (Bullish Stocks Near Support)
RNT, NFLX, GTXI, PEET, REGN, WTR, WCN, BTU, ORA, QCOM, BRCM, UBB, BRP, GOLD, POWL, MDT
"Sell the Rips" (Bearish Stocks Near Resistance)
SAFT, LG, FLO, KMB, PRAA, OMI, CLX, SIVB, SYNA, GLF, CSX, NSC, DNEX, LUFK, CHTT, AXYS, CVS, FAST, CHE
Potential Breakouts
CMO, NAT, CMN, NLY, ORLY, ASPG, GPC, AVAV, XLU, TBT