Monday mid-day Technical Video
New Technical Long ideas PS, AKAM, LB, PVH, SAIL, HEAR
New Technical Short ideas: TWTR, MLM, ,NTES, VMC, AAPL, AMZN, BF/B, JD
Markets have attempted to bounce today but largely are failing to make much ground- Most of Europe closed higher by 0.50% but should be something to sell into
Not much volatlity today out of WTI Crude, Gold, TNX, or DXY.. but Dollar has backed off a bit
Healthcare is the only “down” sector today.. but gains have proven very minimal in other sectors. With only Industrials showing gains above 0.50%
S&P- See that bounces failed to get back up above 2895 which was broken last week.
While today’s move was a minor positive in having broken out above the “WHITE” downtrend, structurally trends are still bearish and momentum is negative.
So it should be expected that rallies fail and lead lower, if not today, then over next couple days.
AAPL- Weekly chart in AAPL shows completion of upside exhaustion for the first time since mid-last year with a completed weekly 9-13-9 and now turning lower
This could allow for a move down to 205-210. So near-term its right to expect weakness out of AAPL.. but don’t expect any longer-term trend breaks
VMC- VULCAN also violating quite a few past lows.. so for those looking for short ideas. This likely causes weakness in VMC in the days and weeks ahead.
No evidence of any exhaustion on the selling, so expect this will continue
SAIL- A bullish play – Application Software which is moving back to new highs and still healthy technically
Quite a few App software stocks showing good strength and one of the few areas of Technology that can still be favored near-term
Expect move up to 34-35, but would utilize tight stops on longs