See commentary below numbers.
SPY – yesterday was a classic ping-pong in the caution zone. At 9.30 est it started in the lower half of the caution zone, touched the bottom of the caution zone, rebounded sharply up to the top zone and then went sideways between the top two caution zones over lunch before falling all the way back down to the bottom of the caution zone for the close. Today it’s hugging the bottom of the caution zone (169.42/170.01/170.61) so again we are looking for a break out the bottom with a retest and failure down to first short target 168.30. Or a hold of that 169.42 for a ping-pong back into the caution zone.
ES – also a classic whipsaw in the caution zone yesterday, very similar action to SPY although bears pushed it out the bottom of the caution zone but fell over on the rest and the bulls took control. Today, again similar to SPY, its currently at bottom of caution zone so looking for potential break of the 1690, with a retest which if fails looking for a short 1683.75 target. Alternatively potential back into caution for retest of 1694 / 1701.
GOOG – same story yesterday, majority of the action moving through the caution zones with failure to hold any of the long or short break out retests. Key today is can break outs hold their convictions on the retests of 890.29 or 878.50.
AAPL – more of the same with AAPL – short break out retest failed to have any bear conviction leaving it to go sideways in between bottom two levels in the caution zone. Today looking for break an hold of 492 – 485.
CL – same story as AAPL for yesterday, bears lost conviction. Today currently at the top of the caution zone. Look for break and hold of 103.85 or bounce to 103.85 / 103.
ZB – Opened at top of caution zone yesterday, held the retest and reached the first long target. Look for potential retest to hold the 132’31 top of the caution zone for continued longs.
