Both the ES amd Nq are at new year highs. The market has back and forth trading during the day where the down side is probed but dries up and we head higher. The XLK and SMH have lead the NQ thus far. I have been saying the next leg would need to see the FANG catchup. AMZN has room to 2043 for new highs, AAPL 233, FB 218, GOOGL 1252, NFLX 423 with earnings coming. This is my tell…My guess is that they catch a bid which they did yesterday afternoon and take us to the targets I have posted on the daily. For today I came in long and sold it out at the 1st target. I will see if a short trade develops from this area. Only looking for singles on those set ups.
TELLS
IWM – broke the 157 area with a low of 156.5 and bounced back in the afternoon. Lets see if it can take out year high of 159.5.
IYT – had a big move for a quiet market. 196.45 was the high with 194.35 low.
CL and XLE- crude has chopped around coming off of its year high of 64.79. Watch 63 area fro support. The XLE has the breakout high above of 68.4. Watch 67.05 for support.
XLF – had an inside day so watch 27.33 and 26.90 as res and support. GS watch 199.7 and 108.92. It got crushed since earnings. JPM is acting very well 108.88 support with 111.85 as recent high.
SMH- hangs in well with a low of 112.42 yesterday. The year high is 113.91 with all time high of 114.55
Xlk – is a monster with making a new year high preopen.
IBB – has been lagging and getting a bid would help the NQ.
GOOD LUCK – STAY FLEXIBLE – HIT SINGLES
BalsamTrades 