Last we the ES made a higher low by a fraction 2791.75 while the NQ made a new low at 7276. Those lows after the fact were great buying opportunities with the es making a new weekly high on Friday and the NQ rallying back to 7410 shy of the weekly high of 7447.5. This mornings news brings the ES right into the weekly high of 2866. There ashort term targets and res here.. see chart that will be posted. The NQ still has room to a new high of 7544.75. It also has res here.. will send chart. I am watching to see if last weeks and prior high hold, ES 2840.75 and NQ 7447.5 and 7410 for support.
TELLS
The IWM held well last week and rallied into 153.97. It still has real res above at 156.36, and is still below the 200 day moving average.
xle and crude. Crude is making a new high this morning. The 200 day is 62.41. Its had a tremendous move from the December lows around 44. The XLE had breakout area above 67.42. Lets ee it hold above 65.9.
XLF – in in recovery mode. Lets see how far it can go. 25.30-35 is big support with 25.08 being the line in the sand. On the upside 26.23 and 26.63 will be res.
SMH- had a lot of selling last week. This morning its gapping up nicely. Lets see if it can hold 107.22 with high of 110.6.
Xlk -also had some selling last week. Lets see if it can back to 72.25 and hold the 74.03-11 area.
Iyt – had a good recovery below 180. Lets see if it can up to 188.86 and hold 186.80 area.
Its Monday. So let the market come to us. Patient and flexible.
BalsamTrades 