Markets are seeing selling today. The Dow is down about 100 points, the S&P 500 just over 14 and the NASDAQ 100 down just over 31.
The Transports has been where the relative strength has been (most days it has moved up verses sideways) is down just over 100 points. The daily chart is a large red candle at this time, so could be an igniting candle lower, we’ll see.
This has been such a yo-yo market that there is no point reading too much into today’s market action.
The market internals are neutral and other than the Transports, the indices mentioned are sideways.
Today’s candles, as it looks now suggests lower, but we have seen such before with no follow-through.
TWTR was crushed yesterday and holding at its 50-day moving average. Avoid it
AAPL has been consolidating its recent gains and still looks good as a long on a breakout
FB has been sideways for over a month now on the daily time frame. Weekly suggests higher
AMZN has been “the stock” and is a bit extended, so today may be starting a pullback
TSLA gapped up earlier in the week and that strength evaporated. Whether it is a top or a wild consolidation before moving higher is yet to be seen. Unless you’re day-trading it – avoid it
NFLX survived a potential break lower while under its 200-day moving average and broke out this week
WDC still looks good and we may get a pullback or consolidation to get long
GPRO one of our focus stocks is down today with the market, but holding its uptrend
NKE is at a prior low and we’ll see if it can hold that area next week for long day trades
CAT broke out last week and is consolidating. Keep an eye it
AXP formed a bearish igniting breakdown candle yesterday and lower today. Expect it lower
WMT gapped lower from the base it was forming. It’s in trouble, below the 200-day and lower
GPS is up big today, but overall not of interest for now. We’ll see what happens next week
JNPR has been forming a bottom and rallied above its 200-day moving average this week. Like it
PCTC still looks higher and consolidated its recent gain
GILD broke lower again this week. There is a Void of support below, so short or avoid
BIIB is another bio that is weak today, but not like GILD. This sector is very mixed
Gold and Silver are up a bit today. We’ll see what is they can hold these area next week. Time frames are not aligned. The daily broke down from a consolidation; however, the weekly and monthly trends are up. Don’t expect much here short-term.
We’ll do a full update on the broader markets, sectors, market internals and stocks of interest over the weekend.
I live in South Florida and was spared the full wrath of Hurricane Matthew. We have a lot to be grateful for every day. Today there is even more. I hope those to the north of me in harm’s way are okay too.
All the best,
Greg Capra
Founder of The Pristine Method of Trading
Follow me on Twitter and StockTwits to get real-time updates:
Twitter: @GregCapra
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