$OIH stalled at the prior high and gapped lower. Energy stocks may need a few weeks of chop to digest the last run up.
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$QQQ stalled at the 20-day EMA but could continue to push higher if the price holds above Tuesday’s close.
Energy ETFs $OIH and $XLE have taken out base highs after an extended move and may be vulnerable to some profit-taking within the next week or two. Not trying to call a top here, just noting that the charts are a bit extended from the 20-day EMA.
$SMCI is another name we are monitoring for a pullback entry off the 8-day EMA. This is not an official setup. We will send out an intraday alert if any action is taken.
The S&P 500 is within striking distance of its 20-day EMA and is still above the follow-through day low, so it’s in better shape technically to recover.
Note the new stops in $PI. We raised the stop on half of the position to 110 while lowering the other half from 106 to 104 to allow some breathing room for the 8-day EMA. The split stops do not increase the risk (still around 5.5%).
As mentioned in our last report, we sold $PI for a small loss looking to re-enter on weakness. Per intraday alert, we re-entered $PI on a test of the 20-period EMA on the 60-minute chart. We typically monitor the first touch of the 20ema on hourly and the 8-day EMA on daily for pullback entries following a decent gap up on volume.
$WING – failed to follow through on a breakout attempt Monday but could be in play on weakness near support for those not already long.
Per intraday alert, the model portfolio bought a small quarter position in $WING looking to add over the swing high.
S&P 500 futures held the 20-day EMA and is now back above the 8-day EMA. The S&P is in better shape overall as it’s still above the 20-day EMA and has yet to print a distribution day (higher volume selling day).
