Two straight weeks are straight up trading after breaking out of a range. The ES has made new yearly highs each week. The NQ played catch up and make new yearly highs as well. This morning the market looks is opening down and I will be looking at areas to potentially buy. As usual I take Monday mornings slowly.
TELLS
IWM – also played catchup getting above the 157 area with 159.5 above. Lets see if it can hold the 156 area.
CL and XLE- crude is making a new year high above 63. Xle finally broke through the 67.42 . Lets see if it can hold 66.59.
XLF – has a a major move from 25.08 to 26.7 just shy of new highs at 27.10. Lets see if it can hold above 26.12 area.
XLK is right near all time high 76.26. Lets see if it can hold 75.11.
SMH – had a big move with a high of 112.67. Lets see if it can hold 75.11.
other keys are FANG . ALL HAD BIG MOVES BUT WELL OF HIGHS. MY GUESS IS THAT CONTINUED RALLY IN THE MARKET WE WOULD NEED TO SEE THEM MAKE NEW HIGHS.
BalsamTrades 