We not closed back above some key moving averages today (the 8 EMA) and near the highs of the day. I said via Twitter (@BenCBanks) today that the bulls needed that to remain semi in control. As of now we need to be in a neutral state in the market. We are still making higher lows but the trend is not near as clean. A break below Thursday’s lows will likely bring a test of the 50 SMA. If we do break the Thursday’s lows then maybe we see look into short this market. As of now the MAs are still risking and we were not able to become “stuck” under a falling 8 EMA like I was afraid of it. Tops do not usually form in a day, or two, and for that matter we need just need to remain objective and trade what we see. What we see right now is market that pulled back and now is back above the MAs. A follow through day on Monday will be KEY for the bulls success. 

Apple formed another doji today, making two in the past two days. Maybe we see a reversal from these levels but then again it is extremely weak right now and full of ‘dead’ money. 

Google is consolidating at highs but I would be careful buying here, let us wait for confirmed strength. 

Amazon is alot weaker today than yesterday. It is not a clean chart but it is a possible short under the 50 SMA.

FB is sitting right at some trendline support but overall it is a weak name, and something not worth your time – right now. 

$TGT and $VZ both extended their gains after their breakouts yesterday. They look decent for swings. 

$CELG is still setting up for a break higher out of this channel. Looks good. STRONG today.

$WFC traded higher out of a consolidation/base period. It also is strong and looks good. 

That is all I have for now. As always, come back here on Sunday for my “Weekend Charts“. I usually have about 20-30 ideas for trades with annotated charts. Always a good idea in there.

If you have any questions/comments feel free to contact me via the “contact” page or my Twitter (@BenCBanks)

2-22-2013 SPY

Chop, Chop – Daily Analysis –