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The video below takes a look at key levels of support and resistance and their importance amongst the various trends in markets $SPY $QQQ $IWM $XLF $SMH Also in the video is a discussion about why not to buy pullbacks but instead to wait for stability before buying.
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The markets are still in corrective modes and the declining 5 DMAs tell us it is best to tread lightly until the buyers can regain the upper hand. There is no reason to believe the markets have topped out, but we never know how far a correction will go or how long it will last. The correct role of traders is to be patient with the overall averages (or be selectively short with tight stops) as the selling runs its course and to identify the lower risk stock ideas where the momentum is turning higher. That is what the focus of Alphatrends Premium service.
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$SPY needs to reclaim the declining 5 DMA and break the pattern of lower highs and lower lows from the last week before new
Markets pulled back a bit this week but are still in solid uptrends so the theme remains “innocent until proven guilty.” The semiconductors still give us reason for caution, further price breakdown in that group next week could lead to the broad market pulling back deeper. The video below takes a look at the key levels and scenarios in $SPY $QQQ $IWM $XLF $SMH and some individual stocks including: $ARNA $CJES $COG $SWC $SFLY $VMW $VRTX
Markets gapped lower this morning and broke through short term levels of support from the last week. So far it looks like a normal part of the corrective action after a strong rally but the emphasis should be in listening to the message in each of the issues we trade. The theoretical relationships don’t always play out the way they are commonly thought to and the action in the semiconductor issues over the last month emphasizes that point. Trade each stock based on its own merits.
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$SPY tested the rising 10 DMA (blue) and it is now below the 5 dma (red) which suggests caution until the market shows better statility.
$QQQ holds up impressively above the 70 level, a move below the morning low would