Thursday am Technical Video
Bottom line- Today’s early pullback will be a buying opportunity for a minor push higher into early next week unless 2800 is broken (8 points away) and for S&P, the big level lies at Tuesday’slows- for S&P futures and SPX cash this lies at 2789- For NASDAQ 100, the key levels are Below 7393 on a close.. and under Tuesday’s 7292 is important in turning the trend down (UNDER 7393 confirms both TD SEQ and TD Combo sells)
As of yesterday’s close, neither the NASDAQ nor DJIA had not gotten up above important resistance but the SPX had.. so this makes for further divergence potentially into next week.
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S&P HOURLY since July 10- This channel should have importance.. and UNDER 2800 would be the first signal of a violation.. while UNDER TUESDAYS lows. 2789.. would be more problematic.
For now. We’re near the first real area of support for today. 2808.. and under is 2800-2
NASDAQ 100 E-minis show the potential for a confirmed Demark sell on 2 different indicators Today on a close under 7393.. so the NASDAQ very well might peak out ahead of the SPX
And UNDER 7292 would break this uptrend and Tuesday’s lows- Until this happens.. this area near early 7380.. is important.. and a -0.34% loss early hasn’t done much damage
Until these Trends are violated.. I am a buyer of Retail today/tomorrow into next week.. concentrating on names like ETSY, TJX BURL, FIVE, LULU, SCVL but for a complete list.. see this mornings Daily technical comment , sent out near 530 am
ETSY- Very good price action in recent days on good volume. I expect if this market is going to hold into next week, than Retail should be favored. ETSY getting up over this channel trend would likely drive the stock to 50. But a good risk/reward among the Ecommerce space
SCVL- Shoe carnival- Also interesting to me as a long after breakout on good volume and intra-day weakness into the close to give back some of its gains
Still a very good move and likely to push higher into next week