The ES had a new weekly low on Friday 2805.5 while the NQ did not have anew weekly low on Friday. The NQ low on Friday was 7353 while the low on the week was 7321.75. In the GLOBEX session the ES and NQ both made lower lows from last week. The es and nq both held the overnight lows which lead to an oversold rally where the ES topped at 2815.25 and the NQ topped at 7371.5. Mid day the es and nq both sold off again to restest the lows of the day and held again leading to a choppy unremarkable bounce.
The es closed 2 points above its FRIDAY low of 2805.5 while the NQ also closed above its FRIDAY low of 7353. Both well off of the intraday lows of 2789.5 and 7390-93.5. These are reference points for tomorrows trading.
TELLS!
XLF – bottomed at 25.08 with a high of 25.31. Down in 5 trading days from a year high of
27.10 to today’s low with an RSI of 33.
XLE – has come off from a failed breakout last week 67.42 to a low today of 64.87 Right near the bollinger band low on the daily.
XRT – has been selling off before the market on 3-07 from a high of 46.63 to todays low of 43.25
IYT – broke the 180.45 low bottoming at 179.55 closing near the low. Has been an issue for the market.
SMH- topping at 110.6 last week and held near the 21 day at 104.58.
XLK- topped last week at 75.25 and took out last weeks low of 72.81 to bottom at 72.53.
IBB- took out last weeks low of 10.41 to bottom at the weekly 21 period moving average of 106.98 to close above 108. See if this has some legs to it.
FANG – NFLX, AMZN all acting very strong. AAPL broke the 200 on the downside.
There have been tops made as well as bottoms and targets achieved on the downside. The question is – is this enough to bounce and if we do would need to examine the quality of the rally. IF we sell of more need to evaluate how things hold up. We have levels on both sides..
BalsamTrades 