Stocks yawned today for the second day in a row. In fact, the S&P 500 has closed at the 1332 level for 3 straight days now. The Nasdaq has closed within a 2 point range for the last 3 days. Volume came in below average once again. Indexes were higher for most of the day until the Fed minutes were released suggesting potential interest rate hikes to combat inflation. The days winner therefore were the precious metals and retail. Chip makers were given a boost after the TXN announcement last evening. Leading stocks are behaving well, a strong barometer for the health of the general market. Today ANF and SQM joined the breakout list. More importantly, recent breakouts which stubbornly remain above their break out buy points include INFA HS CE HAS LUUL TIBX MWV MELI. Some others including CMG WLT RL LYB all broke out today but volume was weak. Many energy stocks have been trading tightly, bullish action, and are carving potential 3 week tight patterns if that trend continues to the end of the week. Stocks hitting all time highs today were WAT PLL CVX OKE OIS DKS ROST ROC TJX. Earnings reports come from MON before the open and BBBY after the close.
Stocks near specific buy points are: Double bottoms are ALV 79.00, TRW 60.40, MT 37.57, FCX 57.74, VALE 35.70, AGU 97.98, AMZN 191.50, ORLY 59.45, TIF 65.29. Cup with handles are SLB 95.74, ATI 69.85, ADM 38.12, ARW 43.00. Cup bases are AAP 69.61, LTD 35.58, DD 56.29, FWLT 39.85. Flat bases are BMC 51.13, VRSN 37.67, TJX 51.21. 3 week tight is WY 25.25. 4 week tight is JPM 47.28. Square box base is A 46.91.
Stocks that can be bought if they reclaim their 50 day MAs and the buy stop spots are RIG 81.50, LDK 12.75, EMR 59.70, COH 54.35, GR 88, GS 162.40. Stocks that reclaimed their 50 day MAs today were FCS NUE BP SWC LVS BEAV SNDK. TCK had a strong follow through after reclaiming its 50 day yesterday. Stocks near 50 day support are PAG 19.50, ARMH 27.90, ALTR 41.10, LRCX 54, MTL 30.95, DHR 50.40, DOV 64.90, CXO 103, APC 79.50, BHI 70, CHK 32.30, DVN 89, HES 82.80, MDR 23.50, NOV 78, OXY 100.75, PBR 39, SU 44, ATW 44, RDSA 70.75, DNR 23, WMB 29.25, RIO 70, ETN 54, BLL 35.90, TDC 48, AGCO 53, MON 71.95, MOS 82, POT 58.50, ARUN 29, EL 91.50, MCD 75.10, JWN 44, PETM 41, IBM 162, OMC 48.30, SWK 74.35, ADSK 42, CHKP 49, ORCL 32.50, CSX 74.30, CNI 72, KSU 53, UNP 95.80, STT 45.10, RJF 37.50, COF 50.50, WDR 39.20, ARBA 31, ASML 43.05, MMC 29.50, VSEA 46, BGC 42.10, HON 57, WLP 67, AET 36.60, WCRX 23.50, CMCSA 24.50. Stocks that found 50 day support today were ALV AVGO BBBY DIS TROW CRM EXPD TER TTWO APKT.
Stocks near 200 day support are MGA 46.40, LLTC 32.50, MSCC 19.90, NVDA 15, SPRD 15.50, APH 50.10, SCCO 39.30, RVBD 29.60, GOOG 560, YUM 47.30, RCL 37.75, HOT 55.50, TAP 46.90, LEN 16.75, MS 26.75, QCOM 47, CRUS 18, AMT 50. Stocks that received 200 day support today were JKS ROVI BAC GS FNSR.
Stocks which can be shorted at their 50 day MAs are ADI 39.20, ATML 13.95, MXIM 26.10, TEL 35.75, CAM 58, AEM 69.50, EMC 26.50, JNPR 41.50, PAYX 32.55, LAZ 43.15, XLNX 33, ADTN 44. Stocks which can be shorted as they lose their 50 day MAs and their sell stop spots are PLCM 47.50, AMP 61.30, FISV 61.10, CCK 37.25, IL 25.50. Stocks that lost their 50 day MAs today were WFT YUM SYK. 50 day resistance was encountered today by KLAC JBL EMR PMTC GR.
Good luck. Go Mets!!
The author owns FCX TTM RAX F.
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