Sunday Setups

{+++} I’m not seeing anything on the longside here and its mainly because I  don’t know where the bottom is. I expect a challenging few days in front of the release of the Fed minutes on Wednesday.  Current support is at SPX 1648-1649, SPX 1636-1640 and 1628, with resistance at SPX 1658-1667 and 1680.

I’m putting some shorts out though, if we trend lower they should work for a short term trade.

VLO  is showing a bear flag (rising wedge) on the daily and weekly charts an MACD is right on the verge of breaking lower. It also broke its 20 & 50 day moving average on Friday.  It also appears to be breaking down from a bear wedge as it was never able to get above the 200 day moving average. By the way, all the refiners look similar. You can short it at 35 or better with a stop around 36.50


COH  The retail sector was horrible last week. Coach has a horrible chart and could trade lower especially if t breaks Fridays low. I would short the 51.75 level or higher with a stop around 53.


See you in the morning.


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