Markets were listless once again today with markets barely budging. The old adage never sell a dull market comes to mind. The Nasdaq looks like its formed a bullish cup with handle trigger just above 3100, and the S&P500 has defended the 1400 level everyday since it first took out the number since 8/7. Well 8/30 it closed a half a handle below that big round number. We had two breakouts today as DIS took out a 50.65 flat base trigger, and LNKD took out a 113.10 cup with handle trigger. Leading stocks breaking out are a key ingredient to the health and vitality of a markets rally. CZZ just missed taking out its 14.65 cup with handle trigger. Negative developments included the transports, with of course last nights FDX guidance debacle. But astute traders would have been on their toes with the foreshadowing from the likes of JBHT CNW UPS. I am a technician so I always want to keep all my readers on the lookout for potential set ups. Some individual stocks constructing the right side of their bases smartly and warrant inclusion into your watch lists include RKT PLD FWLT SAP TIBX RY PFG. Big techs which possibly are setting up 3 week tight patterns are EBAY GOOG, depending on how they close Friday.
Stocks that can be bought as they take out the following specific triggers on firm trade are cup with handles OIS 81.13, NTRS 47.82, FII 22.24, ACN 62.08, BAX 60.08, SCSS 30.02, ORCL 32.40, HAR 46.94, AMP 55.89, TS 42.52, DOX 32.68, LAZ 29.44, BK 23.19, MHK 75.23, TXT 27.75, EOG 111.82, GCI 15.90, AIG 35.10, MYL 24.09. Flat bases are VAL 53.85, CAKE 34.30, RTN 57.02. Double bottom with handle is BRCM 36.31, 3 week tight is HD 57.28, 4 week tight is FLS 130.25, and 6 week tight is NWS 24.30.
Stocks that can be bought as they retest prior breakouts triggers are FAF PKG MAT. FAF hails from the resurgent financial sector and took out a 18.01 flat base trigger 7/30. GS had a strong day today, and JPM continues to spoon its 40 week MA. PKG, a sign of a potential economy on the rebound took out a 31.29 4 week tight trigger 8/13. CCK has formed a bullish cup with handle base within its group. MAT took out a 34.72 flat base trigger 7/27. It is right above that trigger and the stock has traded very tightly since that breakout and is receding back toward 10 week support near 34.10.
Stocks that can be bought as they retake their 10 week MAs and their buy stop spots are FIS 32.40, TSS 23.65, COL 49.50, TUP 54, FMX 86.60, VZ 44.35, JACK 26.90.
Stocks that can be bought as they retake their 40 week MAs and their buy stop spots are WLL 48.50, STT 42.30, FTI 47.60, OCR 33.25. GPOR SAVE both retook their 40 week MAs today.
Stocks that can be bought at 10 week support are IACI 50, POL 15, VIAB 48, ROP 100. Stocks that found 10 week support today were DPS BRO GE TWTC SWK MRK HSY DRI WFC BBT CCE FMC PPG BRKB CVE CF MAS KKR.
Stocks that can be bought at 40 week support are QCOM 59.55, HOT 53, CELG 70, CREE 26.95, SI 92.40, CSCO 18.45. Stocks that found 40 week support today were EXXI PXP SLB RDSA JEF.
Stocks that can be shorted as they lose 10 week support and their sell stop spots are MAR 37, COH 56.45, V 126, NOC 65.50. Stocks that lost 10 week support today were FAST UNP SPG CE FRAN AXP.
Stocks that can be shorted as they lose 40 week support and their sell stop spots are HON 56.80, UTX 77.25. EMR DUK NSC all lost 40 week support today.
Stocks that can be shorted at 10 week resistance are UNP 120.45, MCK 91, ABV 37.60, XRAY 37, MUR 52, CTRX 90.20, NCR 23.05. Stocks that met 10 week resistance today were VZ WWWW CVS JACK PM LLL CHRW.
Stocks that can be shorted at 40 week resistance are GPC 62.10, XLNX 34. SBUX BMY H all met 40 week resistance today.
The author owns FCX PXD DHI. Short FISV PII WWWW.