UPstocks - Trading the charts!

SPDR S&P 500 (SPY) (daily)

Last week I wrote " the daily chart tells a bearish story as on Wednesday  the SPY made a Doji candlestick which followed by a a gravestone/spinning top  candle , Daily RSI is signaling an overbought condition .

during the next week I'll be watching the 189.14 as IF it could close above it probably it will continue up trending  otherwise breaking  the 187.75 which is the level that i was watching also on Friday as in case it breaks , it would trigger a downward movement that it could test the 181 level once again. 

The spy sill making a bearish candlesticks as today we tested the 189.05 pivot and started to sell to the 13 SMA, I'm still expecting a test of the 181.5 level.

PowerShares QQQ (QQQ) (monthly) 

the monthly chart as I said last week look bearish as the Parabolic sar gave a sell signal while the RSI making a bearish divergence.

Weekly

Last week I wrote last week the QQQ tested the Weekly 13 SMA which it couldn't break and closed under it. 

Looking at the price action from Elliot wave standpoint we can notice a wave one which subdivides to 5 waves in the downside which started from 91.35 and ended at 83.28 which followed by a corrected wave , the second wave which subdivided to three wave and ended at  88.5 which is 61.8% of wave 1. The third wave would be triggered only if it breaks 83.28.

** I don't use Elliot wave theory to try to predict future swings however I like to use it to explain market behavior and to understand the division of the waves (3 or 5)

(daily)

Last week I wrote the daily chart is showing a close under the down trend-line while it made a bearish cross engulfing candle which IF we get a conformation on Monday it may trigger a downward movement that can test 85.5 once again .

During this week we tested the 85.5 level as i said above, now my next target would be 83.78.

Shares Russell 2000 (IWM) (daily)

 Last week I wrote " the daily chart of the IWM showing a descending triangle that In case it breaks the 110 level it could sell to the 101 level however  breaking the downward trend-line which so far is respecting that pattern would be invalidated"

Today the IWM did break the 110 which activates the descending triangle pattern with the 101 target.

  SPDR Gold Shares (GLD)

I will keep it very simple with gold, monthly chart is forming a descending triangle which in case it breaks the 114.89 level, my target for the GLD would be 67.29.

Subscribers alerts :

Twitter, Inc. (TWTR) : Bought 31.50 , Sold 32.36

Pacific Ethanol, Inc. (PEIX) : Bought 11.07 , Sold 11.47

J. C. Penney Company, Inc. (JCP) : Bought 8.73 , Sold 9

ProShares UltraShort Nasdaq Biotech (BIS) : Bought 18.78 

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