Bounce Week?


When the market looked like it was going to zero back in May, the first thing I looked for was a reversal in the hourly MACD readings. Once they turned up, the market started a massive rally. For the purposes of brevity tonight, so we can look at some new setups, I won’t post the charts of the hourly MACD readings, but on Friday they turned positive on SPX, DJIA, COMPX and the Russell 2000. That could be good news, we will have to wait and see.

AAPL looks like it may have put in a bottom on Friday ( hourly MACD turned up and it looks like a bullish doji may have printed on daily). Again, we will have to see.

Here are some setups for the  ahead.

A- Agilent- As you can see this stock has held lateral support (green line) and ay be ready for a bounce

ARMH – is working a bullish coil on the daily. Please see P&L for entry and stop levels.

IBM.- may be trying to squeeze out a bottom, see details on P&L

HUN- is holding 50 day support and also filled gap on daily, so it could be ready to put in a bounce.

MUR- We did well with this one a little while back. It has pulled back and has held its 200 day moving average.

ORCL- has pulled back about 10% and has been holding its 200 day moving average.

Hope you guys had a great weekend. I will see you in the morning.


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