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4/24 Into the Bell- Technicals- Trend Negative.. use rallies to sell

Todays about face is a real negative for the upcoming 2-3 weeks.   While a bit extended today towards the lows, its likely this will lead to a test and break of April lows in my opinion, Technically

Breadth has not been that strongly negative though at around 2/1 and volume, which had been positive up until two hours ago.  Is now negative to the tune of around 3/2 

Dollar has turned back lower, and Precious metals are bouncing.   US 10yr yields have stalled out just under 3%, but the yield curve is steepening up to 51 bps

Utilities, Telecom, REITS are the positives while Industrials, Materials down over 2%, and Energy has reversed to negative 1%, while Discretionary and TECH are both down under 1.5%.

Financials holding up a bit more positively today. Or less negatively.  But have still underperformed 

 

OVERALL, Trends which turned negative late last week, have begun to accelerate, and a defensive stance is necessary-   the area near 2600 looks important initially and then 2550-60, and would use rallies back over 2645 to sell into this, expecting we’ll see further downturn into early May

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Equities attempt to bounce, while yields back down from highs and US Dollar gains further ground- Monday Technical Video, and Charts of interest

Busiest week of earnings season, but US Equities have shown some evidence of this rally from early April peaking out and despite today’s minor bounce attempt, it should pay to be much more selective and be on the lookout for any failure in this bounce into 4/25 and reversal back lower.    Treasury yields have stalled out after their brush with 3% while the Dollar has continued to bounce, up 5 straight days and getting above earlier April highs which is coinciding with commodities backing off.   Overall, Technically its right to enter the back half of April with a bit more of a defensive stance.. looking to sell rallies and adopt hedges given Implied volatility having been cut in half over the last month, while Structural issues remain for US equity charts.. and negative weekly momentum while Semis have begun to lose favor and Financials are underperforming.

S&P Futures-  Trend turned negative late last week with break of uptrend from early April, so bounces today into Tue/Wed should be used to take profits and/or adopt hedges

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Upside resistance lies at 2684, while 2666 and then 2659 are both important being earlier overnight lows and then Friday’s lows

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Lots of focus on 10yr Treasuries as yields got to within striking distance of 3% before backing down today from earlier highs.

Spreads between German Bunds and Treasuries are likely to contract in the days/weeks ahead and German Bunds look better to sell than TY, which looks stretched after 11 of the last 16 days higher in yield terms.   The area near 3% should be very strong resistance and the combination of Demark TD SELL SETUPS in yield along with bearish TY sentiment and near-term overbought conditions for yields make this better to BUY Treasuries here, vs expecting a move over 3.05% up to 3.25%.   This area near 3% should be good resistance.  Note today’s  move in German bund yields up to .63 bps.   And expect these yield gains should continue

DXY-  US Dollar index has now been higher for 5 straight sessions, with today’s move getting up over early April highs and managing to show minor breakout above a downtrend from last Fall.

Though the trend from the Dec 2016 highs/early Jan 2017 still hits at a higher level.  Shown in RED.. near the 200-day ma for the DXY

Today’s rally is a minor positive, but will trigger counter-trend TD SEQUENTIAL sells as early as tomorrow

For now, this has not happened.. and this looks to be a counter-trend rally at a time when many have doubled down on Euro longs

Commodities backing off today on Dollar strength.. and both WTI, and Gold lower

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CRYTPOS-

Bitcoin Cash. BCCUSD- Absolutely surging this am..up over 25% and nearing prior peaks from February-Has dramatically outperformed both Bitcoin and Ethereum in the last week, so worth paying attention to

 

 

 

 

See the extent that Bitcoin Cash- BCC-  has begun to outperform Ethereum, and this relative chart shows BCCETH broke out above former highs from late March and should still allow this to outperform in the weeks ahead.  But a dramatic move today which is showing huge upside acceleration

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4/23 Mid-day Blog

2:15 pm

2 hrs to go.. NASDAQ comp and NDX have both just slid under last Friday’s lows, while S&P remains partially above.   Markets which had started out flat for most of the day have begun to turn down, and breadth shows slightly more declining than Advancing issues.   EEM also lower by .0.57% with DXY rally continuing..   Key will be ability of S&P to hold 2659, as if SPX starts to join the weakness in the NASDAQ, then markets likely will begin to accelerate into the close.    6 sectors positive, but only Healthcare and Telecomm up greater than 0.50% and no sector down more than 0.35% with Tech dragging the most with pressure yet again out of Semis, and SOX down more than 1%-  SOX by the way, has also violated April’s lows as of 2pm, so this is putting pressure on Tech at large and as a leading sector, has many concerned.. Yields fractionally higher in US.. While a larger move out of Europe with Bund and Gilt yields up more than 4% up to 8% for UK, GILT, and 10yr Bund yields.  Durables showing some pocket of strength today.. W/ HBI, UA, KORS, MAT, RL, HAS, TPR DHI, PHM all up more than 1%., whereas the Miner weakness has continued with Dollar strength.

 

SOX- HOURLY chart

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4/20 Mid-day Blog

S&P broke 2680 early today on Futures which jumpstarted this decline.. And minor 2-week trend violated.. But the larger trend from early April lies right near current levels but could be violated on a close at current levels.  Similar to QQQ.    We are seeing some near-term exhaustion-  but would say UNDER 2650 is a negative for thinking we accelerate. And also for QQQ under 161.    Until then.. Markets might attempt an oversold early week rebound.. But this action is a clear negative with what's happening to SEMI space.. And even on minor bounce.  Would be one to consider adopting hedges and/or shorts into end of month/early May

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4/20 Mid-day Blog

30 min to go.. We've seen breadth expand to more negative in the last couple hours.. From 2/1 to near 3/1 while Volume also near the same level into DOWN v UP stocks.. We started out today with 2 sectors down more than 1%.. Now we have 4-    Staples, Tech, Discretionary and Utilities-  key to note .  US 10yr TY has sold off sufficiently to make new lows for the year.. I.e. YIELDS are now up above 2.95 which marked Feb peaks.. So we're within striking distance now of highest levels in 10yr yields since late Dec 2013.. When we closed at 3.028 and early Jan saw intra-day 3.05 before reversing.. So I think this is the key level for 10yr yields. And a few counter-trend indicators suggest yields might hold 3.05 and not immediately go to 3.25%, particularly with levels of SPEC shorts in TY based on CFTC Non-commercial futs-   US Dollar meanwhile has made progress higher.. So combination of rising yields and USD is near-term bearish For Metals.. And we're seeing some backing off of earlier week gains for the Metals trade-  Sector wise, 5 of the worst 10 of Discretionary are all within the Retail space.. And this area still looks ripe to AVOID.. With breakdowns in GPS, BBBY, KSS, MAT, LB, RL.. Of these.. I like shorting BBBY and GPS.. But others are a bit extended and/or closer to support-  and/or just short XRT which is good liquid vehicle

 

 

 

 

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4/18 Mid-day Blog

Market becoming a bit disjointed.. We see Energy and industrials powering higher, but Financials down on the day,  while Tech is flat, and Semiconductors are lower by 0.80% with MU being one of the only positives for this group along with iNTC. But stocks like LRCX, AMAT, MKSI ASML, TER all lower by 3-5%.   Not too much damage by SOX technically today though.. And still likely this can attempt to push a bit higher into end of week with 1375-90 area being a good area to sell into.   Energy and Metals stocks are getting all the attention given Crudes move back to new highs.. While Precious metals position for a possible breakout-   XME has strengthened enough to suggest further outperformance.. while GDX showing very good price action.   Breadth about 3/2 positive-  Stocks have held current levels for most of today’s session but trying to firm a bit in the last hour.. And 2718 important level which when exceeded, should allow for move up to 2735-50 area.  So Trend bullish, but participation is suspect.  Stay long unless 2700 breached.

4/17 Mid-day Blog

2.5 hrs to go..  The Tech rally helping to carry all ships.. NASDAQ outperforming SPX and DJIA pretty steadily today.  Breadth at around 2/5/1 positive-  But outside of Tech and Cons Discretionary the only other sector up more than 1.5% and this is largely NFLX (i own) and AMZN strength.. But still seeing some meaningful gains in MGM, CMG, TRIP, DG, and FOXA to the tune of +2% in each.  Financials just barely positive today.. Still seeing weakness in the brokers. And right to be selective in this  in what to own-   Industrials following suit given the Aerospace/Defense bump. And for now, all 11 sectors are positive-  Dollar still fractionally up today.. While Bonds have had a difficult time in selling off and yields DOWN now after having hit 2.88 intra-day yesterday.  Yield curve flattening out again and pretty persistently flat at 42 bps, down about 4% today-  S&P got to near initial targets at 2710.. And still looks to finish strong, as Counter-trend Sells are not yet in alignment on various timeframes, but this could be in place by tomorrow-   Into the close, still right to have a bullish bias, and no real signs of weakness have occurred in the indices.. But right to keep a close eye on Financials.. And watch for any evidence of tech weakening.. Which for now is a bit premature

TECH / SPX- 

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Is it REALLY safe to Sell a breach of the 200-day? Sometimes yes.. sometimes No

Today's snapback higher put "egg on the faces" of those who used the break of the 200-day moving average(m.a.) to sell stocks yesterday, and as we've discussed, the SLOPE and/or how much an asset is above or below a 200-day m.a. means far more than simply "touching" a moving average in of itself for purposes of attempting to find support.  While this can occasionally work, i..e Feb 18, and/or Nov 16, there are other times when it turns into a miserable failure such as Oct 14, while most of 2015 saw price ebb and flow above and below the 200-day ma all year long with no apparent rhyme or reason. Utilizing Price and time analysis is truly the key to trying to find tops and bottoms, & one should utilize Fibonacci analysis in a similar fashion.  Those who simply attempt to buy stocks based on a touch of a level like this will find inconsistent results at best.   Our morning note talked about the reason for covering shorts into 4/2 close, which had to do with near-term oversold conditions, positive momentum divergence, signs of fear coming back into the market, and capitulatory signs of volume, as we saw the 2nd straight 90% Down day and a huge TRIN reading of 2.5+.  Demark indicators were also important in thinking we were close- For more info and daily/weekly Technical thoughts, visit http://newtonadvisor.com

 

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3/28 Charts of Interest

Last trading day of the week, month and quarter-   This quarter will snap a 9 quarter win streak, the longest in 100 years.. and will be the worst quarterly performance since 2015.  Not much volatility today in bonds, or the Dollar.  Most OF Europe and Asia fractionally higher.   Overall.. we’ll need to see more to have any real conviction that a low is at hand.  While sentiment has turned a bit more bearish in the last few days.  The near-term price action still suggests a pullback into next week can happen before any larger rally takes place.  

2633 , or yesterday’s intraday highs are the first real area of importance..  ON the downside, yesterday’s low ticks of 2593 area also important

S&P FUTURES consolidating near lows and even on minor gains today, we haven’t really made much progress to suggest we should rally into end of Quarter.

The odds given this churning is that even on a minor bounce today.. this area should be revisited and broken into next week before any serious low.. as V-shaped bottoms are much more prevalent than choppy sideways churning that suddenly leads higher

As SPX finishes out the month and quarter.  We’re still above our longer-term uptrend from 2016.. and this is important to watch on any upcoming violation again of this recent consolidation near the lows.. as UNDER 2532 would lead down likely to around 2450 before bouncing.  For now, its thought that the near-term trend is bearish but yet the intermediate-term trend is intact.  However the longer-term momentum waning is definitely a concern that will need to be dealt with at some point to avoid Future losses in Q3

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BTC- BITCOIN-  Hourly-  Pullback to MAKE-OR-BREAK at Feb lows-  Today’s move under the last couple days lows brings price down to important support near 7500 (intraday low 7333) and is necessary to hold to give BTC some chance of stabilizing and turning higher. Prices look to be at the tail end of a recent 5-wave decline and should set up for a trend reversal.. but important to see a move back over 7737, or yesterday’s lows to have confidence of this.  For now.  A good risk/reward to buy dips into this decline with tight stops at 7333 and first target near this 7737 area while over 8160 would give more confidence of further gains.  .. UNDER 7333 is negative and it’s a must to hold off until this stabilizes

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Encouraging Gains on good breadth, but near-term challenges into early April

Despite what seemed like a very strong day price-wise, S&P failed to take out areas of importance which would have turned the trend bullish.  The move over yesterdays’ highs did in fact allow for early day acceleration, and S&P got up to 2659 before reversing nearly 20 handles into the close to finish right near former highs from Wednesday.  Breadth finished at a respectable 4/1 bullish, while 6 sectors finished up over 1% and all sectors were GREEN except Real Estate. 

OVERALL,  its TOUGH to enter the month of APRIL BULLISH just yet..  as near-term momentum became overbought on hourly charts.. while Daily and weekly momentum are NEGATIVELY SLOPED, while the market (S&P) also still lies in a downtrend from 3/13 highs.  There has been no trend breakout and most short-term cycles pinpoint April 3-6 for a change in trend, which I believe should be a LOW, followed by a move higher in the subsequent weeks throughout April into May-

However, the fact that prices rose as much as they did helped to turn momentum UP on 240 min charts..  which means that any “backing and filling” likely could create the kind of positive divergence in momentum that will allow for a low to be formed next week.   The Alternate scenario is S&P simply presses up above 2660 and its off to the races.. which I doubt is the case.. but cannot be ruled out completely.   The factors of near-term bearish sentiment back in the market (AAII- more bears than bulls), and bullish seasonality for April, coupled with Short-term oversold conditions into this week while the larger weekly trends remain intact.. all these are positives which suggest buying dips.   The negatives of the huge momentum and breadth drawdown from late January are definitely concerns.. but until Feb lows are broken, it looks right to take a stab at thinking stocks move higher in April.  However, this will require some evidence of breaking out of the downtrend at hand which is near 2660 and getting up above Tuesday’s highs at 2680 would help add conviction.  Until that happens, the odds on favorite is for an early week retest of lows yet again, but which this time around, should be buyable.  One should keep stops tight near Thursday’s highs, but not wrong to have a few shorts after Thursday’s move.. (IWM QQQ) and expect some consolidation early next week before lows are in.

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Market slipping as yet another retest of late February highs looks to have held

Just past 130..Tillerson due to make comments at 2pm-   Europe closed near the days lows about an hour ago with most indices lower by 1%..   US has managed to snap back a bit in both DJIA and also S&P, while NASDAQ has underperformed for most of the day .. Breadth remains mixed.. While Volume a bit heavier in DOWN stocks vs UP-  Both Technology and Financials down today.. Which at 40+% of S&P, is important.. But Energy far and away the worst performing sector.. Lower by -.44% and Utilities also ddropping despite Bond yields lower-   ON the flip side.. Healthcare has gained 0.50% today the best performing group, while industrials also showing 0.25% gains with Transports a notable positive , higher by more than 1%.. And since the beginning of March with the Airlines a notable outperformer in the last couple weeks-  The Dollar's decline also looks important for today.. with meaningful weakness vs Euro and Pound Sterling and Canadian Dollar.. This has helped to jumpstart some of the lagging metals in the last week, and a good bump in many of these stocks that had been hard hit in the last week as Dollar and Yields rose.. such as NEM, ALB, SEE, FCX, VMC TECK.. Overall for S&P, prices have managed to temporraily regain yesterday's 2783 lows after early weakness..  But still overall a negative day after giving up all earlier early am gains.. And upside looks limited both price and time wise for the balance of this week.  UNDER 2740 necessary to have any sort of conviction for a larger pullback getting underway-

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Most of Europe, Asia still not keeeping up with US Markets

Good am.  Lot of news this am.. with Tillerson being ousted by Trump. Which has taken a bit out of earlier gains in Futures, but S&P still higher by nearly 0.40%.  Trump also blocking Broadcom’s bid for Qualcomm, citing National Security concerns-    This am’s CPI number came in INLINE.. but fairly mixed which showed misses in Education, new vehicles but gains in other areas.. Apparel.. Most of Europe mixed, and mild gains in Asia today.  Bonds gaining ground while Dollar fractionally positive.. and we’re seeing CRUDE lower while Gold is trying to bounce, higher just marginally.     Overall, the near-term trend remains bullish, but should reach areas of resistance by end of week , but likely not exceed prior highs.    Key concerns on this bounce deal with less positive breadth and momentum than necessary to have real conviction in this bounce continuing..  while the intermarket divergence in indices remains a factor.   Most of Europe and Asia also not nearly as strong as NASDAQ and nowhere near January highs.   Bottom line.  Near-term trend will remain positive for FUTRUES until/unless we see 2783 broken on S&P. and that would likely lead to the bigger area of support at 2740.   Upside for S&P should be contained at 2840-5 from current 2798

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Dollar downturn causing Metals to surge

Just past 130, NASDAQ holding earlier gains, up 0.50%, while both S&P and DJIA higher by 0.20-.30%.  Small-caps and Transports both outperforming today.  Breadth only a tad over 2/1 positive, not great, but volume even up less.. Around 3/2 into Advancing v Declining shares-  Yields largely unchanged.. Though higher abroad.. And US Dollar making sharp decline lower which is helping Metals stocks today, while both Silver and Gold turn higher -  Materials the best performing sector up 1.72% while Industirals up .50% and only 3 down sectors led by Utilties, lower by nearly 1% while Discretionary and Healthcare both down 0.25%.  -  Early pullback attempt in S&P held at 2710 and proved to be a good buying oppty while upside resistance occurred at 2725 and still an area of interest if hit this afternoon-   Market trend remains resilient over last couple days  but bigger development today concerns the Downturn in USD and what might be in store for commodities-  Within Healthcare, MYL, ILMN, GILD, WAT, UHS all higher by 1-4%,  while on downside- VRTX, BMY, ABBV, ALXN, HOLX, CNC, UNH, PDCO, JNJ, REGN all of which are DOWN 1% or more.  Let me know if you have questions

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Rally in bonds should be watched for effect of causing stocks to turn higher

 

Minor gains out of US Futures, and Asia while most of Europe is mixed.   Bonds showing pretty sharp rally along with Equity futures, so this positive correlation continuing.. (as yesterday both declined in tandem).  Dollar making just fractional gains and largely seems to have stalled out.    The key continues to revolve around watching Treasuries for signs of a bond rally beginning, vs selling off again, which has tended to affect equities.   Yields are now down to Wed lows but still holding uptrends from the last couple weeks.. so down to near Make-or-break and thought that any yield gains intra-day and/or yields finishing back at their highs likely coincides with stocks selling off again, with yields knocking on the door of 3%.     For S&P.  prices are only about 16 handles down from levels seen last Thursday. But lots of intra-day volatility and increasing signs of rallies being snuffed out and finishing near their lows of the session the last few days.  Financials in particular broke down to new multi-day lows yesterday.. and NASDAQ has been lower the last four days.   For US indices, Any pullback under 2682 in SPX and under 6740 for NDX and under 7200 on NASDAQ Composite on a close would suggest that a drawdown back lower should now occur-  Above 2731 would be a near-term positive and something which could allow for a final push up to 2754 and over.

Yet breadth and momentum are beginning to wane,  so something needs to happen quickly to prevent a retest.

Early gains in IMMR, BUFF, TTD, HPE, HPQ, CORT, HUN, GNC, CHK, DNR, MIC, SGMO, SLCA, while on downside-  OLED, ACIA, WK, EXAS, ZOES, WING, REI, GIS, INTU, RBS

 

 

S&P-  Near-term range-bound.  And above 2731 is a positive while any pullback UNDER 2682 turns the trend negative..  but largely consolidation at this stage most of this past week and no clear cut direction despite the volatility.

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Tough to say yesterday's late day reversal was all that important

Tough to say yesterday’s reversal was all that important given that NASDAQ failed to break prior day’s lows and also XLK, XLF, XLI, XLY also did NOT face the same degree of weakness.  So today’s early strength in regaining prior days lows for S&P makes sense and could lead to a test of 2732-4 and then 2754-6 into early next week and slightly over before any stalling out.    Yields pulling back from overnight highs and the degree of positive correlation continues between S&P and TNX..  The Dollar seems to have stalled out near DXY 90.. while Metals are fractionally weaker.. but Gold getting close to a good risk/reward area to buy dips-    S&P should not get back to yesterday’s post market 2682 right away, so for traders, this would be a good area of support-  Early am strength from SAIL, CAR, STMP, AROL, GEN, SGMO, HMNY, CVRS, HTX, FTI, P, AST, TUSK, WLL, DRYS, PLUG, while on downside- ROKU, MIC, ADXS, W, DPW, GOGO, HRL, ATUS, MDXG, CLR, BKD-  Let me know if you have questions

 

CONF CALL WEBINAR today at 1pm- Join and see the charts I’m seeing as I walk through indices, sectors and areas of good risk/reward to manage this volatility

Tech gains still likely to persist this week and could provide Tailwind

Minor gains in US Futures which have steadily gained throughout this am, along with Asia today while most of Europe lower-  bonds largely higher globally, while US 2yr has ratchetted up further to 2.26% which is causing ongoing flattening in the Yield curve which has been fairly persistent in the last couple weeks.  Dollar showing mild gains ahead of today's Fed minutes-  Key to note:   Technology's gains still likely to persist this week, as per SOX chart and this has the ability to provide some sense of Tailwind despite many other sectors starting to pullback after recent gains, so any pullback for now, likely to prove muted and above 2754 would allow rally to continue a bit longer-  Premkt gainers in TTPH, LPSN, WFT, WXMD, AAP, FINL, ROKU, MOS, FSLR, ADMS, JUNO, SBGI, while on downside- TTS, RCII, ANW, CATM LC, DPW, DVN, SLCA, AIMT, MTCH, RIOT, SHPG-   Let me know if you have any questions

 

S&P, Hourly-  Mild consolidation since last week continues.   Above 2730 would be the first sign of this trend being exceeded and then 2738, yest highs would allow for 2754.  On the downside- 2706 important. Under leads to 2688, a more important area of support

 

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A Much different equity market than a few months ago.

Certainly a MUCH different Equity market these days than a few months ago.. and we've seen evidence of the sharp pullback now into mid-Feb which is struggling to make headway back higher and regain 61% of prior decline-  Transports meanwhile are not keeping up, and Technology, despite some near-term progress, has waned a bit also_  Breadth on this bounce has been far weaker than the decline and we still have less than 50% of all SPX stocks above their 50-day ma.   Tech has helped to buoy prices thus far, but how long can this last if others cannot participate?  Sentiment seems to have jumped far too much on this minor bounce, while momentum remains negative on weekly charts after one of the largest pullbacks from Overbought territory ever seen, with weekly RSI plunging from 90 down to 50.   Any subsequent rally back to highs will likely NOT see momentum equal this prior peak, thus setting the stage for the negative divergence and subsequent breadth dropoff which typically precedes larger declines in the Summer/Fall-  At present.. trends from last August have been recaptured..  but it pays to be very selective here and counter-trend signs of exhaustion on Semis/SOX/TECH will arrive by end of week-

Tech serving as lone source of strength in a market of many moving parts

Market still in consolidation mode and except for Technology.  Not much working- Breadth down around 3/2 negative and only Tech and DIscretionary positive while the other 9 sectors all lower with Staples, Utilities and Telecom all being hard hit-  10yr has risen up to 2.90.. But 2 yr rising more quickly and yield curve flattening out again down to .67 bps.  Dollar bounce also continuing and could have another 1-2 days left.. So Precious metals pulling back-   Overall, the Transport weakness remains a short-term concern, but for now, this Market weakness looks to not lead lower too dramatically as long as Tech can outperform.  SOX charts indeed show the next couple days to likely be higher. So like overweighting TECH this week while still being more selective elsewhere-   Metals should be bought on weakness, though as TNX chart closing in on meaningful resistance while DXY rise also nearing completion, technically and an important area where this stalls out and turns back lower.  So for now, SOX can likely hold market up

Bounce looks underway, but not likely to be straight up

S&P futures showing sharp 1% gains on the heels of last week’s 5% decline, but last Friday’s surge into and after the finish has now followed through.  While an oversold rally could happen this week, it’s likely not going to be straight up given the sharp downward momentum now, so a trading environment still makes sense and heightened volatility.  Europe rebounding with commodity and Banks leading, while Asia mixed as Japan is closed.  Yields largely higher around the globe today, with Bund, Gilt, US yields higher while the Dollar has stalled out a bit over last couple  days.  Pullbacks UNDER 90 would allow for retest of 88 and likely coincide with a bigger bounce in the metals.  WTI crude higher by 1.8% even with OPEC upgrading supply forecasts.  Grains starting to show more upward progress.    For today, S&P has resistance right at 2645-8 which has held for the last few hours..   Above 2655 would allow for further bounce to 2661, but should be strong resistance near 2700-  UNDER 2618 drops down to PIVOT at 2595 and then first meaningful trading support near 2553.   Friday’s lows 2530 will be very important to hold over next couple days on any pullback.   For today.  Trend negative but bounce likely this week,. And futures quite stretched this am and well over Fair value

Premkt gainers in AMBR, CSRA, CDLX, HGSH, EMAN, ICON, COLL, TEUM, ELY, RIOT, NXTD, CRSP, DRYS, PIRS, RNN, ROKU.  On downside-  LJPC, SPNS, AXON, DY, LL, SMI, WKHS.  Let me know if you have questions

 

Some signs of positive divergence emerging-

Insufficient price action thus far to consider this pullback to have completely run its course, but we have seen some DIVERGENCE in Futures holding up above Monday’s lows while SPX cash was below.   Retests like we’ve seen typically do offer less selling pressure than the initial drop, and this time is no different, and fewer stocks hitting new 52-week lows as we saw back on Monday..  so this is at least a minor positive, but 240 min charts have not yet given Buy signals on this decline and still warrant one final pullback to new lows.   Yields have begun to escalate this morning and S&P Futures have made at least minor progress in turning higher.. but this is a drop in the bucket as to what’s happened on the downside..  and could easily be erased.. so pays not to be too aggressive here until more proof of S&P washing out to new lows..  and/or more credible evidence of stabilization.  US Dollar index seems to be at levels where this can hold and turn back lower.  FOR S&P.   2580 is very important as support, breaks of which should lead down to 2529 and a minor new low-   2617 is resistance… and PIVOT today at 2619.. so getting above this can allow for a minor bounce to potentially 2645..  But tough to make much of this pattern even on hourly charts as being all that bullish and a final pullback seems likely.  Gainers in early trading in MTO, NVDA, VRSN, AIG, AEE, UAA, GPS, MCO  while on downside-  VIAB, UPS, CHK, DISCA, CMG.