The ES and NQ both took out yesterdays lows in the overnight session. They just jumped at the 8:30 number. I think this van be a trading short. My thinking is that we need to digest the move higher and we have some more back and forth trading. SO DONT CHASE AND PLAY EXTREMES. AAPL was extremely strong yesterday breaking above 202.85 area in the afternoon. GOOGL has been on nice run. The key today is to see if the SMH and XLK hold up. The banks were extremely strong – lets see if that holds
The IWM is broken short term with a low of 155.20. Maybe it retakes the 156.5 breakdown point and test the 157 area. If it breaks there is a target below of 154.8
The NDX which is the outperformer is OB on RSI and well extended from the 8 day so I would expect consolidation up here.
TELLS
IWM – lagging mentioned up top
SMH levels 118.83 and needs to hold 116.89
XLK – 77.7 HIGH AND 77.22 LOW
IBB along with XLV getting sold. 104.46 low with 109.87 high
XLF – new closing high for the year. 27.52 is next pivot to test. Needs to hold 27.2 for today.
GOOD LUCK AND STAY FLEXIBLE
BalsamTrades 