We had 50-day moving averages breached all over the place today -- the Nasdaq, S&P 500 and the Semiconductor Index (SOX). The SOX took the brunt of the selling with an almost 3% slide. It appears to be headed for a test of the support just above the 500 level.
Buyers did step up late in the session and were able to push the S&P back to its 50 DMA. The Nasdaq bounce wasn't nearly as impressive. But the late buying was enough to create a lot of buyable patterns in a good number of stocks. We'll see if the market cooperates. Here are some of the stocks I'll be watching tomorrow -- ARA, CHRW, CIB, CMI, CTSH, FAST, FFIV, GGB, GILD, GYMB, MW, NTAP, NTES, SIRF, TELK, TRN
Below are the charts of the Nasdaq, S&P 500 and the SOX:
Hi Mike,
Looks like all those stocks you mentioned potentially forming Morning Star candlestick pattern. Am I correct?
Kramer picked up TRN Tuesday night
Anonymous -- more or less. Most of those came up on my hammer or NR7 scans.
Duru,
Damn, I guess it'll gap up and mess up my entry!