Markets started underwater, and remained their all day. The Nasdaq was the loser as it lost .76%. It looks headed for a 10 week test around 3080, which is just 1% from here. If that does not hold could be readying itself for a 40 week test, well below 3000, where it found support all summer. A few sectors I have my eye on currently are utilities and energy. XLU continues to spoon its 10 week MA, after finding support at its 40 week in mid September. NEE looks poised to go if the group keeps ascending. Currently has a 72.32 cup base trigger, but may go onto put a handle on its cup base. Energy has been quietly moving upward in the sector standings, on the back of some recent merger activity (RBN NYX), and of course Helicopter Ben. XLE has found 10 week support recently and some favorites are CAM CXO EOG PXD also finding recent 10 week support, and SLB HAL HES BBG NBL RDSA BBG finding 40 week support. Individual stocks to keep an eye on are ALKS ABV. I can not fault those who are looking to add to their position that picked it up through its 20.09 flat base it took out 9/21, or looking to initiate a new holding above this bull flag at 21.25. ABV looks solid as it builds the right side of its base and plays catch up to best of breeders DEO BUD STZ.
Stocks that can be bought as they take out the following triggers on firm trade are cup with handles AFL 50.34, EMC 28.28, ASNA 22.28, SWK 78.57, LULU 79.06, BCS 15.10, LZB 15.64, YNDX 25.33, CPA 85.91. Double bottoms are JBHT 56.19. Flat bases are DK 27.51, BRO 28.27, KMB 88.35, NOC 70.30, WMT 75.34. SI 105.24 in a double bottom with handle. 3 week tights are PSX 48.32, AOS 59.03, SJM 87.83 in a 5 week tight pattern, and HOLX 22.26 in a cup base.
Stocks that can be bought as they retest prior breakout triggers are DHR SYY PAA. DHR took out a 56.21 cup with handle trigger on 10/1. Volume was heavy on the move through the trigger, and PKI TMO are acting well in the group. SYY took out a 30.88 cup with handle on 9/19, and if defense comes back into play, this could be your stock. PAA hails from the energy sector, and took out a 44.48 flat base trigger on 9/13. Group mate SXL, trades lightly, but is acting well.
Stocks that can be bought as they reclaim their 10 week MAs and their buy stop spots are HSY 72.25, UNP 123.25, MO 34.45, IT 48.30. NUE retook its 10 week MA today.
Stocks that can be bought as they reclaim their 40 week MA and their buy stop spots are APD 85, VCLK 18.10, PMTC 22.50, PBR 24.25, ITT 21.05.
Stocks that can be bought at 10 week support are NXPI 24.15, SLM 16.05, CPN 17.40, TYC 27.55. Stocks that found 10 week support today were HLX E GTLS PXD BMC CBS PWR EBAY CAM CSC MAR CXO SBUX.
Stocks that can be bought at 40 week support are COL 53.75, ROC 48.05, ARRS 12.35, MFRM 32. XRAY BMY STO DNKN all found 40 week support today.
Stocks that can be shorted as they lose 10 week support and their sell stop spots are TGT 63.10, CRI 53.60, UTHR 55.75. Stocks that lost 10 week support today were WNR TDC FTK AAPL ROSE. Stocks that can be shorted as they lose 40 week support and their sell stop spots are MELI 84.50, SKX 16.60. INFY NUAN both lost 4o week support today.
Stocks that can be shorted at 10 week resistance are TXN 28.80, ATU 28.90, TIBX 29.50, FDX 88, CAT 87.40, RTN 56.60. Stocks that met 10 week resistance today were COH KSU ROK ARG UA NKE CNI PX. MPWR can be shorted at 40 week resistance at 19, and HSP 34.10. EMR HST both met 40 week resistance today.
The author owns XXIA TWTC EWW.