Morning Market Analysis 9-15-2016
The following is an excerpt from our daily e-mail delivered to premium subscribers.
- Sellers In Control
Short Term* Outlook
- Range 212.50 – 215
Long Term* Outlook
- Trend is bullish, dips = opportunity
*Short Term = 1 week, *Long Term = 1+ months.
A third consecutive open inside the prior days range and just like yesterday’s opening action, bulls are stepping up with the early lead and driving us up to re-test important short-term $SPY 214 resistance.
Breadth: Supports the bulls with approximately 65% of stocks advancing on the day.
214 will remain the first key resistance to break and close above, followed by 215 which coincides with the prior two day highs.
The potential for 3 consecutive inside days sets us up for a Friday session that could see some fireworks and directional commitment if we start to move outside these narrowing ranges.
Notable Movers: Technology stocks ($XLK) and biotech ($IBB) continues to be where recent relative strength outperformers are.
We Go On To Discuss:
- Our positioning and strategy moving forward.
- Setups we’re interested in.
- Overview of open trades.
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