PAG - Penske Automotive Group - New chart of the day. This stock has been trading some classic formations. We're seeing a breakdown of a head and shoulders now that just happens to have a target price that aligns with lower support. The TSI and MACD also still have a little room to run. If you're not short, you could get long after some confirmed bottoming action around the $34 mark.
SPY - S&P - Equities are on drugs.. the Ben Bernanke kind. They just keep getting higher and higher.. slowly day by day. Although, I think it's time for a turn around. There are a few key technical indicators that are telling us to turn right here. I'm also keeping an eye on the $USD. It just possibly formed a daily cycle low, forming a swing low yesterday. If Dollar price increases from here, that combined with the exhausted buyers, may give us some time to breath. Another thing to note is that SPY saw only 80 million on it's volume for the day. The average is about 115 million. While that's not a terrible difference, I think it's key to note an increased price on decreased volume.
5 day chart:
1 year chart:
GTAT - Technical divergences finally started to pressure the price. Gtat is now moving down to find a new support.
$WTIC - Crude Oil - Has Crude found support in the $97 region? Or will it continue to breakdown back into it's last trading range?
SCO - Inverse Crude (USO) - Our SCO target of $34 was almost met. Still a shot at getting there?
GDX - Gold Miners - As mentioned a week or so ago, GDX looked to breakout and move higher. It did, and reversed today with gold's down day coinciding with the spike in the dollar. As long as the new low does not exceed the summer lows, we should be in a position to move higher.
RVLT - This stock has played out almost exactly as the indicators told us it would. Let's see if we find support on the rising trendline forming the beginning of a pennant. If not, we'll trade down forming a parallel channel. Either should give a great opportunity for swing plays off of each level of support/resistance.
Have a great night!
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