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Who Said Anything About Oil? 4/18 Weekly Setups

SPY

Against "all odds" the SPY rallied back into its downtrend that it started back in 2014. As you can see in the charts, SPY has resistance on all time frames here. It is not bearish however and has support sitting at 207, 206, and the 20. "Line int he sand" remains 2025-2030ish. Recently, selling into strength has been the play. With earnings season around the corner, it is important not to overtrade and blow your wad before getting a chance to play the moves that will potentially yield better results. 

With DOHA being the headline of the weekend, and with oil "tanking" at the moment, it will be the caution that you will hear about from all the pundits. Bias remains that the market is healthier underneath than it has been in quite some time and it's important to not trade the headlines and only focus on the price action. If you are confused sit back and wait. No need to trade in the slop.

XLI & Components

This has been one of the strongest components in the market as of late. Many of the issues here have been at/near highs. Many of these issues are going into resistance and "should" pause.

UTX

Resistance on the monthly and broke out on the other two time frames. The larger time frames are the ones that matter more. 

MMM

MMM into resistance.

UNP

Into downtrend resistance.

CAT

BA

Into downtrend

GE

Earnings this week, will be interesting to see what they report/say.


FIT

Rounding bottom and broke out last week. Above 17.5 gets it going another 13%.


BABA

80 Trigger to be "safe"


ADBE

ADBE broke out on the daily but has not yet on the weekly.


FCX

FCX approaching a range breakout.


XLU

Money flow went into a chase for yield. Now we've got a potential H&S and we're facing resistance.


TSLA

People continue to bet against this name (foolishly). It has been consolidating and getting tighter. Levels above.


CPS

Nearing a weekly breakout.