Market and Leaders Update - 1/24/16
Market Health
Still no follow through day. The Market Indices did put in weekly hammer at key levels of support. The August lows for the S&P and one of the support lines I drew for the Russell. I am thinking the Russell turning is going to be a key for the overall market.
My best guess is we rally this week and then we make one more low. For you Elliot Wavers, I think the Russell if carving out a zig-zag - a 5-3-5. We have have now had 4 of the final 5.
Watch list update
I have removed one name from the watch list, N. I didn't like that is made a lower low from its spring 2014 low. My technical opinion was it was consolidating its gains from that low and getting ready to blast higher. A lower low to me makes this look like a broken former leader for now.
My other 3 names have positive developments. LITE is by far the most positive for the long term.
LITE - Put in its third week tight. My best guess is this will pop and then make a lower low in this handle controlled fashion. So far love the tightness and RS.
LNKD - They did reach for this on Friday unlike N. This put in a nice weekly candle. I have been trying to figure out if this is destined to make a new low vs early 2015. Or whether this a proper low in a smaller base. No pocket pivots. This sits +30 point below 50 50 day and pivot point, with earnings in a week and half. This does have accelerating bottom like EPS and so far little fundamental concerns compared to a TWTR.
VIAV - This looks the final leg down. Put in week of accumulation.
No comments:
Post a Comment