While the S&P is toying with the idea, it still hasn't completely cleared the channel. Will the S&P take its cue from the tech index and break higher from here?
The DOW is clearly the laggard of the group, remaining within the channel and finding support from a declining 5 day moving average late in the session...
I want to point out a scary reading on the $CPC today if your portfolio is positioned heavily long...
Too many calls being purchased as opposed to puts is typically not a bullish sign. However, index options (smart money) saw a significantly larger ratio drop than equity options (dumb money). This leaves a similar set-up to what we saw on December 4th, which was the most recent attempt of the S&P to breakout of the range. Here's a look at the $CPCI and you can see the similar reading...
The $VIX looks ready to confirm a breakdown on an equity breakout...
It's going to be difficult to top yesterday's Pattern Watch, but here are a few more charts that have made my radar...
EXPE - Cup and Handle
FTI - Imminent Breakout
LULU - Ascending Triangle
NGS - Symmetrical Triangle (Thin)
TRIT - Breakout Retest
Click Any Chart To EnlargeYesterday's top pick, HRBN, was up over 6% at one point today and closed with a nearly 5% gain. Given that, let's try it again...
Top Pick: EXPE
Posts
