On Monday, SPY blocks poured in at 257.10 during the morning session. This level is overhead resistance as earnings dampen participation. Over 100 companies are reporting this week, with big technology stocks AMZN, INTC, MSFT, and GOOGL reporting after the closing bell on Thursday.
The morning reports from DOW components are impressive, sending futures higher in the pre-market session. As a result, the SPDR Industrial Sector (XLI) is pretty strong; look for setups therein.
From a technical perspective, SPY is more bullish than bearish. Institutional sentiment as measured by the TICK cumulative in the lower panel indicates institutions are buying.
Wicks on the chart above at 4:10 PM (16:10) amount to another 5.7 million shares in blocks (late prints) traded at the 257.10 level.
All things considered, banks are strong this morning. Watch BAC, C, GS, JPM, and MS for 5-minute ToD setups today. These candidates should benefit from earnings surprises this morning.
PII beat, so we might see a pop in FOXF today; it reports 10/31.
Some of the gems from yesterday included HD and YY. Note the obvious ABCD pattern. It should be no surprise why we decided to swing this position in YY, with its target short term near 100 (+/-).
Finally, we would be pleasantly surprised to see a seventh week higher, however, we are still taking profits into this strength in anticipation that we could pullback soon.
More to come. Join us LIVE at 9:20 AM.
Happy Tuesday,
Vinny
Disclaimer: Do your Own Research
Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise.
Investment Warnings
We would like to draw your attention to the following important investment warnings. The value of shares and investments and the income derived from them can go down as well as up; Investors may not get back the amount they invested – losing one’s shirt is a real risk; past performance is not a guide to future performance.
The previous breakout …….
https://theclosingprint.com/CV_Blog/spy-range-bound-or-distribution/