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Pullback into Europe's close as S&P reverses at 2055 resistance

US indices have begun to weaken in the last hour, despite WTI CRUDE holding its 6% bid, with Healthcare, Discretionary both selling off to negative territory, while German bund yields were unable to hold early gains and fell down under10bps-  3 charts shown below to put this move into perspective-  BOTTOM LINE-  This morning's bounce helped S&P to regain its range, but still a number of very negative factors weighing on the indicesand momentum and breadth have dropped off in a way that suggest S&P likely starts to trend down to 2000 or 1975 to consolidate recent gains before additional rallies can occur.  Above 2055, this is wrong

A couple of Media, Retailing stocks that look technically weak here: VIAB, COH, URBN, BBBY, RL, P, TGT, DISCA, and would short into FCX, technically-    Ones to consider covering which are down near good levels on downside-  GPS, LB, JWN, M, KORS, HRB- Most of these remain quite technically negative and good to short out on rallies-  On the long side-  within Energy, APC, DO, RRC, MUR, MRO, NFX, MPC, PXD all making important moves and bullish within energy while VLO TSO bearish, as refiners lagging-   

15 min charts, Five-minute charts and then hourly showing S&P, along with 2 on QQQ

THIS was the pattern on 5min charts which directly proceeded today's meltdown

THIS was the pattern on 5min charts which directly proceeded today's meltdown

Still very choppy-  Reclaiming 2035 yesterday by the close was a minor positive.. yet now unable to make a higher high and looks to be turning back down-  Area at 2035, 2026 important-  Under 2026 allows for a move back to 2000 or below

Still very choppy-  Reclaiming 2035 yesterday by the close was a minor positive.. yet now unable to make a higher high and looks to be turning back down-  Area at 2035, 2026 important-  Under 2026 allows for a move back to 2000 or below

QQQ trading at levels seen back on 3/30 after a slowdown in its uptrend.  This choppy behavior isn't bearish though unless 108.60 is violated

QQQ trading at levels seen back on 3/30 after a slowdown in its uptrend.  This choppy behavior isn't bearish though unless 108.60 is violated

uptrend still very much intact-  and would require move UNDER 108.60 with really 108 being a line in the sand-  Given that QQQ held up relatively well and made new 2016 highs on Wednesday.. still very tough to fade without weakness, despite the slowdown

uptrend still very much intact-  and would require move UNDER 108.60 with really 108 being a line in the sand-  Given that QQQ held up relatively well and made new 2016 highs on Wednesday.. still very tough to fade without weakness, despite the slowdown