Markets were undecided again today and it looks like many are waiting for the jobs report tomorrow after ADP's report suggested a much higher jobs number then forecasted. Whatever is reported, I would imagine that a stronger move is put in. Earnings season kicks in next week so that may end up driving the markets for now.

Here is an hourly look at the Nasdaq composite. Notice it has been getting support at the 200 bar SMA and previous pivot high. I would watch that level first tomorrow and then the trendline's above and below that area.

ET is looking like a good risk reward short trade as it struggles with the down trendline and 50sma.

Thats it for tonight.


Good Luck,

DT

With the indices still under the last pivot high, you have to treat each failure at resistance carefully. While I expect further rallying, the fact remains that the path of least resistance is currently down. My advice is to adhere to your stops and stick to your trading plan. I have started to scale in some short positions although I am still biased to the long side right now. Here are a few charts worth watching tomorrow.

ARGN is near support and may get a bounce.

TSCM tested the breakout area today and had some nice buying come in to support it.
VOL may of already cleared this flag, but the safe play is to wait for it to clear resistance.
SNDK fell out of a small descending triangle today.
MNST may of fallen out of a consolidation area today. (even after a strong jobs report)

Although I was bullish on GYMB earlier, if it falls out of this triangle on a closing basis it could make a decent short.

Good Luck,

DT

Happy Independence Day to my readers in the US. I hope everyone has a safe and enjoyable holiday.

DT

Tomorrow is a short day and volume should be very light. The indices have quickly moved up to some fibonacci retrace levels and may need to consolidate the recent move up.

Here is the Nasdaq Composite chart stopping right at the 38.2% retrace.

Here is the SP500 stopping right at the 50% retrace and 50day sma.
Here are a few charts to add to this weeks watchlist.

GOL may of cleared some important resistance here.
HBHC looks like it may be ready to clear this ascending triangle.

HLTH may offer an opportunity to get in near the breakout area tomorrow.
MIKR has been running hard lately and made a run at 15 on friday which would of likely put them in the IBD100. There may be a pullback to the lower trendline if some are disappointed with the close under 15.
PFG cleared an ascending triangle friday.

TSCM looks promising with volume surging on the ascending triangle breakout.
I highlighted UARM recently and they were able to clear strong resistance. I believe a pullback to the breakout area would offer a pretty good entry.
UACL has had a hard time with resistance here, but may be ready to move higher.
VOL is trading in a nice flag pattern and looks like it has plenty of gas left in the tank.

Good Luck,

DT