SPDR S&P 500 (SPY)
the selling pressure in the spy continued today however the spy manged to close above 184.1 which is the level that would confirm that further selling pressure is yet to come.
as the hourly chart of spy shows, today it closed outside of the the "crash channel " ; I am expecting that it would consolidate here before making the next new leg down.
PowerShares QQQ (QQQ)
Currently The QQQ is trading bellow the 100 SMA which is bearish.
as I showed in the last update it broke a Symmetrical triangle which gives it a 81 price target, however it could be forming Descending broadening wedge which a short-term bullish reversal.
iShares Russell 2000 (IWM)
The IWM broke the 100 sma and the bearish descending triangle that we mentioned in the last update , I would expect the IWM to consolidate here before testing the 200 sma.
STOCKS TO WATCH
Aeterna Zentaris Inc. (AEZS): Our indicators are noticing accumulation of the stock.
Tengasco Inc. (TGC): we are still bullish on the stock.
The blog was created to give picks of stocks that being accumulated , In this two months we gave a very successful picks Such BIOF , THTI , ZBB , HTM , INVE , LEDS , PULS ,PTX , BONE , GBR ,LUNA to name a few. Although I went long TGC and OXF I couldn't find any good stocks, this could be as a result of the distribution that market is experiencing.