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Monday, June 29, 2009

Monday Morning Update

This morning i had the idea of looking at the 10 day chart without looking at the daily first, just to see if I get different numbers. the 10 day high is 928, the low is 888, a 40 point range with 908 right in the middle. Since we are in the upper half, I cut the upper range in half, putting a line at 918, which has been in the general areas of chart support and resistance. As I am writing, the SPX has tested the upper boundary, biuncing off 927. A break above and we are in a new range, but a test of 918 could come later. Today's leading sector is XLE, as oil has recaptured the $70 level. Close behind is XLI. Relative weakness in XLV, XLF, and XLP. Leading is the Dow, lagging are the Nasdaq and Russell 2000, the Russell quite badly. The TNX is having a "fill the gap" rally after a gap down this morning.

There are freaking 51 new highs already. One thing I am noticing is a lot of gaps ups followed by sharp sell offs. As far as breakout possibilities, look at SMED, OMN, and SPAR. One thing I didn't do this weekend is check the earnings schedule for this week, so I will do that during the day today.

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