It was a decent day for breakouts in the morning before the market quieted down and went into holiday mode. Volume in the SPY was well below average and will probably remain this way for the rest of the week. So don’t press.


I am continuing to watch the 150 day MA on the SPY weekly chart (117.61) like last Thursday we broke through that level early this morning and then rolled over unable to hold onto the gains. I will be keeping an eye on this level to see if it continues to provide a lid to the market.

Tomorrow morning we have the ADP employment report, Chicago PMI, Factory orders and the petroleum numbers all before 10:30 but I don’t think any of these will be market moving events. There are a lot of eyes on Friday’s job’s number but we are closed Friday so enjoy and worry about that on Monday.

As I wrote earlier this a holiday week and it is trading accordingly so trade accordingly and use the breakout levels as possible targets or a place to fade the move on a failed breakout/down.

aem 54 short

jag 9 short

mon 70 short

ntes 36 short

aem 54 short

fnsr 16 long

foe 9 long

oxy 85 long

pxd 55 long

adsk 30 long

gww 110 long

bmc 36.93 support/reversal buy on 200 day

wcrx 24.67 support/reversal buy on 150 day