The SPY is setting up to trade between $208-212 for the remainder of the 2015.
Earnings season is winding down and the interest rate change seems to be on hold until 2016.I know that sounds crazy to make a prediction on the next six weeks of trading, but you need to put the pieces together to create your thesis.
Where is the catalyst to break us out of this range?
What does this mean for your trade ideas? It means our focus remains industry and sector specific.
Stock Market Today: Map of the S&P 500
(click the map for a full view)
Day Trading Game Plan: The SPY ETF Outlook
SPY price action trades into an inside day. Too many traders are focusing on the strong close. Yes, the afternoon buying was nice but it’s still an inside day, plus the reversal was fueled by a minuscule 76 million shares.
(click the chart for a full view)
Pete’s Notes:
- Bullish reversal in many stocks but also an inside day.
- I like the reversal but we need to trade above the previous day high to confirm the new buy.
- Plenty of chatter about the market topping out after one day of selling. Yesterday’s price action shows why you need more time to call a top.
- Shifting strategy in the SPY from a trend trade to an inside day breakout. Not calling for direction but an expansion in volatility.
Charts in Focus
Visa news is bullish, the chart is reflecting the positive expansion and revenue. A breakout above $79.50 has room to go.
(click the chart for a full view)
Stocks to Trade 11-11-15 | SPY Inside Day
Earnings in play today > 1M avg shares: FLO, ADT, FNV, M, NAT, SINA, WUBA, YOKU
Relative weakness to yesterday’s SPY positive change from the open: apc, csiq, vips, tmus, wdc, scty, stx, gpro, wtw, tsla, fit, avgo, mos, bhi, rrc, aer, gmcr, do, car, amba
> 20sma, positive week and closed 2% higher from the open: DHI, RAX, NFLX, V, CBS, DVN, NSC, ADSK, XON, HOLX, TSO
<20sma, negative last 5 days and closed 2% lower from the open: apc, vps, wdc, scty, stx, fit, mos, bhi, gmcr
Bullish Ideas ATR/Volume/Price: AGN, TSO, V, BIDU, INTU, OXY, FB, TMO, VLO, TAP, COST, RCL, DIS, PSX, PNC, PXD, GILD, AMZN, HD, ADBE, GS, XOM, GOOGL, ESRX, PRU, CTRP, MA, MMM, BABA, ADSK,
Bearish Ideas ATR/Volume/Price: apc, scty, wdc, stx, gmcr, fit, bhi, gpro, rrc, mbly, feye, vrx, cf, unp, cmi, wynn, qcom, skx, pcar, yum, akam, lulu, celg, lulu, cvs, de, cyh, ibm, hcn, etp, kss
Weak Stock Weak Close: apc, scty, wdc, stx, gmcr, fit, bhi, gpro, rrc, grub, mos
Strong Stock Weak Close: CIEN, WTW
Weak Stock Strong Close: kss, len, mnk, tol, twx
Strong Stock Strong Close: ADSK, AGN, TSO, HOLX, V, RSPP, DHI
20 day Breakdown: apc, htz, nrf, scty, stld, wdc
20 Day Breakout: CFG, DHI, GE, MCD, RAX, TAP, XON
2x Normal Volume: GE, SYF, PYPL, VRX, BRCM, DHI, APC, CFG, MNK, CSIQ, RAX, ATW, TMUS, STLD, NSC, FL
Watch List Longs: SBUX, GE, VLO, TRV, COST, DIS, WFC, PNC, HD, JPM, MCD, INTU, ADBE, LUV,
Watch List Short: wmt, adm, bhi, cvs, kss, akam, qcom, m, wynn, t
Inside days: xom, mnk, ebay, wfc, myl, orcl, csx, m, fitb, jnpr, wy, wmt, unp, mo, nsc, cvs, cat, mgm, eog, hd, hcp, sti, bhp, hcn, etp, tjx, duk, ma, tol, nke, nov, esrx, rost, hig, kim, wmt, mar
