We are seeing an improvement in the number of stocks setting new 52-week highs vs 52-week lows.
New highs are outpacing new lows on the Russell 2000, S&P 400, and S&P 500. While improving on the Nasdaq and NYSE, they remain negative.
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$S&P 500 has support around 3,800 from the prior swing high on the daily chart. On the 60-minute chart, the 20-period EMA should provide support.
$GFS impressed by reclaiming its 50-day MA on heavier-than-average volume. A pullback to the 57.35 area (intraday swing low on Monday) is in play for a starter position. This is an official buy setup.
Note the $GFS order is a buy limit, which means that the price will have to pull back to and touch the 57.35 area in order to trigger the trade.
Late Friday afternoon, with the timing model working towards a buy signal, we also purchased oil and gas stock $DVN over the prior day’s high based on a downtrend line break.
After several failed attempts, the price finally closed above the downtrend line on a pick-up in volume.
$QCOM is another possible short setup beneath Thursday’s low after stalling below the declining 20-day EMA.
$FOUR is setting up a downtrend line break with an entry over the two-day high. This is not an official setup, but we will send an intraday alert if any action is taken.
$FOUR is in consolidation mode and could be in play over the $47-48 area, which would put the price above the downtrend line and 50-200 MAs.
Former leading stock $FSLR is one to watch on a bounce for an entry closer to the 50-day MA. If triggered, then the 50-day MA plus some wiggle room is the stop.
Energy ETF $XLE is one of the few areas that has avoided this bear market and is in decent shape technically, so we may consider adding some exposure as setups emerge.
$FSLR is a potential leader that could see a sharp selloff if it loses the 50-day MA. This sort of setup is ideal in a weak market when a leading stock that has shown relative strength finally cracks. $ALB is a good example of this, which we discussed as a short setup earlier this week.
