There are thousands of barrels of crude pouring into the Gulf of Mexico everyday and we are in “summer driving season” yet crude oil cannot catch a bid.
Look at this chart of the USO and consider what it is saying about global demand and growth.
MA’s acted as targets today and provided little if any bounce. Sellers are in charge of this market right now but there doesn’t seem to be panic out there, yet.
The SPY 104 support level is huge. There are a lot of eyes on that level and it needs to hold. A gap down to or below it on the open tomorrow might be defended by the bulls, but I think if we have two more days like today it is going to give way.
AAPL was saved by its 50 day MA (250.65) today but that is likely to give way with another test.
The following ideas may be actionable tomorrow but like I said MA’s provided little if any bounce today so if possible let a couple pass to see what kind of action you get. If you are seeing bounces then give it a shot. If the stocks are crashing through those MA’s like they weren’t even there then stay away or look to get short.
ba 59.62 reversal/support buy on 200 day MA
bbt 28.56 reversal/support buy on 200 day MA
chd 63.97 reversal/support buy on 150 day MA
ctrp 34.24 reversal/support buy on 200 day MA
ctxs 42.15 reversal/support buy on 200 day MA
de 53.06 reversal/support buy on 200 day MA
dhr 74.01 reversal/support buy on 200 day MA
expd 35.48 reversal/support buy on 200 day MA
lh 73.06 reversal/support buy on 200 day MA
luv 11.08 reversal/support buy on 200 day MA
mcd 65.23 reversal/support buy on 150 day MA
mtb 72.34 reversal/support buy on 200 day MA
sanm 12.14 reversal/support buy on 200 day MA
vno 68.86 reversal/support buy on 200 day MA
whr 86.56 reversal/support buy on 150 day MA
gpn 40 short
pcln 176 short
esrx 105 long or possible resistance short on failed breakout
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