SPX/SPY: A couple of thoughts here: First…so far nothing more than a higher low in the markets, so I have to respect the trend which is UP. Next…take a look at the volume pattern this week, super high volume on the red days and wider ranges. Point is…while I certainly respect the current trend, I will not at all be surprised and will be ready for that 1540 breakdown and 1500-1520 test. My short term bias for S&P is bearish…but ready and prepared for anything.
As for tomorrow, I think we gap up 5-10 points and then fade and test key support 1540ish. I entered a small size call option play holding o/n that I will sell at open if we get the gap up I anticipate.
FSLR: Very simple, as long as this holds 36 the bull flag is in tact and we could head for T1 40. If 36 breaks and we get an hourly close below then T1 34 & T2 32 are in play. My bias is higher but this offers decent set-ups on both sides.
AMZN: 264-265 support zone. Break 268 and get an hourly close above good for a quick scalp to 270-271. 265 breaks and then 264…I think this is a great one to watch as that could set up for a move to T1 255. My bias is bearish on AMZN. I think we could see 260-255 by end of week.
BBRY: Doesn’t take a chart expert to see just how terrible this looks from the daily perspective. Resistance at 14.20 and support at 13.30-13.60. I may look to enter into a bearish swing trade with a T1 of 12 and T2 10.50. I think BBRY has single digits coming in its near future. A close over 14.40 would be the only way I would rethink my bearish bias.
NFLX: If 170 acts as resistance now that we have closed below it, 160 is in play to the downside. Same can be said for the upside…if 170 starts acting like support then 180 is in play. Wait and see how she acts at the 170 level for bias.
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