Markets staged a nice afternoon rebound to close UNCH, after being down nearly 1%. Good action considering the huge gains we have seen the two days previous. The S&P 500 stubbornly closed above its 200 day SMA, after losing it intraday. We even managed to record a few breakouts today. SAP ROP VAL all took out flat base triggers of 73.96, 111.85, 59.91 respectively. VAL ROP hit all time highs today, while SAP reached a decade high. Others well known names showing solid relative strength today hitting all time highs were V GILD DSW AON. EV staged a big breakout today above its 30.29 flat base trigger it took out Monday intraday, but closed above it today on enormous trade. Some tech stocks finding 40 week SMA comfort, and offering good risk reward are ORCL XXIA. The latter had a very bullish outside day, rising almost 10% from its intraday low. One stock that had a technically weak day today was INTU. It closed below 40 week support for the first time in a year. That followed yesterdays soft day on a very strong Nasdaq tape. Its chart sports wide and loose action, which is typically more failure prone.
Stocks that can be bought as they reclaim their 10 week SMAs and their buy stop spots are SWI 54.40, SNY 44.15, COST 98.40. Stocks that can be bought as they reclaim their 40 week SMAs and their buy stop spots are PLD 34, MBT 17.95. Other stocks that can be bought as they retake their 10 week SMAs are COV 57.65, TRV 69.80, ALL 40.20. Stocks that retook their 10 week SMAs today were DSW CELG BUD NCR MON AMGN RY. PM ZION DRI all retook their 40 week SMAs today.
Stocks that can be bought as they retest prior breakout triggers are MSI ECL FLS. MSI took out a 52.02 fat base trigger back on 11/1. It could also be viewed as a cup with handle breakout. The trigger is the same. A look at its weekly chart shows just how tightly is has traded. 3 weekly closes within .22 of each other. Very bullish. QCOM in the sector continues to hold 40 week support. ECL took out a 69.06 flat base trigger on 10/17. CHD CLX in the group are acting nicely. CHD just retook its 10 week SMA today. FLS took out a 135.67 flat base trigger 11/1. The last 3 days have seen heavy accumulation for this stock. Equities in the group looking better as they patiently form their bases in the group are ITT XYL.
Stocks that can be bought as they take out the following specific triggers, once market climate improves are, flat bases WNR 28.14, HDB 39.42. Double bottom is HCP 46.06. Other flat bases are AMP 60.57, PRXL 32.57, CAR 18.00, VMC 50.09, ALKS 21.22. Other cup with handles are ARG 91.40, MCK 96.18, VAR 71.49, CREE 32.15, ETN 50.93, XRAY 39.88, PGR 23.29, DE 87.60, ROK 79.06, CNC 44.40, PNR 46.22.
Stocks that can be shorted as they lose 10 week support and their sell stop spots are CE 38.40, AMT 72.75. Stocks that can be shorted as they lose 40 week support and their sell stop spots are RKT 63.20, VRSK 47.05, AKAM 34.75. ARUN MMM KKR all lost 40 week support today.
The author owns FNF PSX.