Pattern Watch

Going into the holiday shortened week, I'll be watching to see if last week marked a weekly swing high for the S&P. The level to watch is 1086.81 and would likely lead to a more significant decline should that level get taken out. I've highlighted the last couple of weekly swing highs in the chart below...

Zooming in on the 30 day, 30 minute chart, I'll continue to watch for a move up to around 1100 or so as a low risk opportunity to add to short positions...

While going through my watchlists this weekend, I noted a number of head and shoulders patterns in the oil & gas sector...

BHI

BJS


CNX


NFX

I'm sure you get the picture and some have already confirmed (see CRZO). There are many more that are set-up the same as the ones I've highlighted above so this entire sector looks shortable. As always, I'll likely take a position in DUG or ERY on MarketGuru since shorting is not allowed. If you see one of those added to the portfolio, you'll know I'm getting short a name or two in the sector.

There may also be a short opportunity on GES should this double top confirm...

For those of you looking for long exposure, there may be a few opportunities in the following...

CDE - Symmetrical Triangle

BVN - Still waiting for a confirmed breakout above $40


IMA - Breakout Retest


WLT - Breakout Retest

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