As I have been saying is that its a time to be tactical with the potential for more downside. This morning we failed at initial resistance that I posted before the open. ES – 2830-31.75 and NQ 7404.75. The NQ took out the weekly low of 7290 bottoming at 7276 and reclaimed the 7290 area to close above. The es did not make a lower low bottoming at 2791.75 ( THE WEEKLY LOW REMAINS 2789.5). We bounced hard in the afternoon and retraced 61.8% of the days range to find res at 2816.25. The NQ retraced just over 61.8% of the range topping at 7349.75. I am expecting more volatility tomorrow as well so stay tactical.
XLF held in and did not take out or test 25.08 weekly low bottoming at 25.3.
XLE filled that downside GAP of 65.61 but above the weekly low of 64.87.
SMH – took out the weekly low of 104.58 with a 104.12 print.
Xlk – took out the weekly low of 72.53 with 72.32 print. 72.08 is the 21 day just below.
IBB – held above the weekly low of 106.98 bottoming at 107.77.
IYT – was strong and made a new weekly high of 184.01
XRT- also beaten down was strong making a new weekly high at 44.96.
XHB- been very strong making a new weekly high at 38.79.
IYR – is having a slow inside week 84.08 or 86.99?
XLU – new year high at 59.07 and reversed.
MORE DETAIL IN THE AM. SEEMS LIKE SOME BEATEN DOWN SECTORS LIKE XRT, XLF and IYT got to oversold levels where buyers showed up. SMH, XLK which lead the NQ is where the selling was. XLE – energy also held up today.
BalsamTrades 