The daily here on $SPY is getting tighter (smaller range), and we have formed a higher low on the daily as well. Also, we are currently trading above the key moving averages. This a bullish sign here in my opinion. However, you must ask your self before every trade “Is the market obvious?” If it is, trade in that direction in the specific stocks. If it is NOT obvious then look for purely cash flow trades. Simple enough. I think we are getting closer to being a trending higher market because of the higher low we formed, the accumulation seen today, the bull flag, and the more technically sound patterns I am seeing. However, we are not there yet. A breakout of this wedge pattern will be VITAL for this market. If we do breakout it looks like we will be on our way. Breakouts have started to work more recently and the individual stocks are starting to see more bullish set ups. I do not think it is a good idea to short this market right now. There were a few cash flow shorts during the week but overall the market is holding in ok, and just needs some time.
Apple is still downtrending, and showing relative weakness AGAIN today. Nothing has changed.
Amazon is relatively weak now.
The banks have been seeing money out flow this week but that does not necessarily mean the market must go down. Rather it is sign to look for where the money is going, and which sector is seeing inflows.
I will post the weekend charts on Sunday, usually about 30 charts all annotated and ready to go. Should be good.
As always, feel free to contact me via Twitter or StockTwits (@BenCBanks) or via email (see contact page).
Some quick names I am looking at next week and will likely be on the Weekend Chart analysis –
AMGN GG IBB KRFT CELG BMY DKS M RTH XRT WMT TGT