The market is still in what I deem to be a precarious spot. On one hand, the SP500 is continuously making new all time highs (it seems daily). On the other hand, the quality of long set ups is (simply put), not there to back up the new highs.

Here are a few of my Tweets from this past week explaining the quality, or lack there of with individual stocks:

Finally, things became a little more actionable. Along with the lack of set ups, the $QQQ tagged the upper BB & $IWM hit the declining 21 ema. This was a chance for the bears to make their mark, a combination of a lack of set ups with resistance in the overall indices.

Friday morning this was confirmed, a small gap down occurred – relieving some of the pressure felt by traders. However, the lack of strong set ups remained.

As the week comes to a close, one needs to ask: Is there anything actionable and what is the quality in conjunction with the overall state and health in the market. As per my scans, I am still struggling to find a lot of quality long set ups. The only one I really found that is of great interest is $BR (see below). However, this is a totally different story for the number of short set ups, I am finding more of them than longs despite the market being at all time highs. Again, this does not mean become bearish and call for a top to the overall market.

Take it how you want but I will remain in a defensive position until something changes and continue to take the set ups that I am given. Below are some of the short & long set ups I am looking at.

Long –

7-25-14 br 7-25-14 gdxTOP Short set ups as there were many I felt I needed to narrow down the list –

7-25-14 pm 7-25-14 wm

 

Divergences & Set Ups
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