Alright so today we saw a slight push through failure. Small, but there. When this happens traders (like us) must take notice. This does not necessarily mean short but it does mean that maybe we “take a breath”. A couple of days off like we saw today would truly set up a lot more charts and patterns. Thr 8 EMA is still well below the $SPY price right now, if we consolidate sideways for the next couple days and let the 8 EMA catch up, we will likely stretch higher yet again.

Then banks had a nice start to the week and took today off, which is fine. Similar with the overall markets, a couple more days of sideways action in the banks and we will likely trader higher once again. I am looking to enter the banks long if this happens. They have some solid bases and are looking good if they can trade sideways a couple days.

Tech ($AAPL, $QQQ) also had a small outside but nothing major. Not something I won’t to buy but something to notice, that’s all. Apple ($AAPL), I do not like the choppy action it has had in this upper flag but as long as the low’s of today and not taken out, it looks fine. Would not buy it though.

Google ($GOOG) also had a small outside candle. Similar candle to all the other stocks and indexes, nothing major but something to note off. Some sideways action would be best up here before going out. A couple weeks up here would be best though.

so, going into tomorrow.. take it easy. I do not think you will miss much and even if you do, the potential reward up here without some more consolidation up here. 

Charts for tomorrow – If you would like to contact me for questions/comments please do so by Twitter (@BenCBanks) or the Contact Me page on this website. 

5-9-2013 SPY

Taking a Breath – Daily Analysis