Happy Monday. Will they stand down?

In my short term trading I usually take Monday mornings slow and allow themes and trends to develop. The down open this morning might test last weeks low in the ES of 2889.50. I will be watching the IWM to see how it acts today and this week as well as of the tells to get a sense for direction. What I do know is that the VIX has been decimated to get down to just above 11. I am thinking that bounces this week and volatility increases.

TELLS

IWM – last weeks low if 154.66. Lets see if it tests that and how it reacts.

CL and XLE – crude al new year highs. Lets see if the XLE can test 68.16 area on the upside. Downside support is 67.02.

XLF – needs to hold 26.9 to keep its higher level strength.

SMH – 115.87 there is a downside gap which would need to hold. Above that 116.89 is support.

XLK – 76.84 IS good. area of support. It has been a monster.

IBB- extremely weak along with healthcare.

GOOD LUCK!

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