The divergence looks like it might be playing out. The NQ which is well above its ATH ( 7700 in ndx) while the SPX just broke it yesterday 2941. The NQ looks like its in consolidation or correction mode with earnings being the catalyst. I will watch to see how this p;lays out today
TELLS
IWM – took out year high of 159.5 and looks like it holding up pre-open.
CL and XLE – crude areas to watch is 66.60 and 62.28 for next move. XLE had an inside dat 66.62 and 65.54 are the area to watch for direction.
XLF – doing great. Lets see if 27.73 can hold with 27.52 below. On the upside yh was 28.13 with a pivot above of 28,35.
IYT – finding support at the 21 day on the daily 193.76 area.
SMH – inside day after FRIDAYS DESTRUCTION. holding the 21 day area 113.49 area with Fridays high 115.84
XLK – holding the 8 day of 77.73.
XLV – coming out of oversold 90.43 is the 200 ma with support at 88.06.
BE PATIENT AND WAIT FOR YOUR PITCH1
