AMZN - Chart Link- been up all day, bounced off the 9 EMA

NFLX - Chart Link- been up

AAPL - Chart Link- down but testing trendline

again the big stocks mostly holding up - image what would happen if they crash LOL

NVDA reporting tonight

yeah that's true, was filled. otherwise the gap isn't focus here and I removed that from the chart, the 61.8% Fib is what I'm focused on and rooting for price to get to, and if it loses that would be the uptrend line

other things I'm watching is the 2hr chart with the GDX/GLD ratio trendline, and any sort of intra day pattern that signals a possible reversal such as a wedge with pos div or a trendline break (on a 15, or 60 min chart

breaking those support cycles yesterday was not good for the market - remember that signals wave 3 like action, a break down, just like when price breaks over resistance cycle is a trend move

here's a link to a TradingView charts with various time frames with the cycle

you can see on the 15 min SPY the break of that cycle support yesterday and backest - basically support broken and backtested confirmed as resistance 

and here's a 5 min chart of ES this morning, right on the opening bell price fell through that support cycle could have jumped on short there as well

https://www.tradingview.com/chart/VsZGLmhx/ 

OMER - Chart Link- hope you guys didn't stop out on noise last week when this broke out one day last week and closed back below the trendline - it rallied on Friday and swing stops could be moved to Friday's lows at this point

One could also look to add to the position on a breakout above horizontal resistance 

again as I like to tell people, if you enter a trade for a swing, you have to be willing to give some wiggle room to it, simply selling it yesterday for a loss made no sense just because it fell back below the trendlines. If a day trade then yes, but if entered as a short-term swing, no.

again exceptions to to every rule and depends on the market- if the market was in a strong downtrend or crashing then probably best to just get out

GLD - Chart Link- again nice correction that we've been calling for in the precious market area. Otherwise short-term with today's gap down, one thing to watch for is an island bottom if price reverses. Otherwise the channel trendline and fibs are areas to monitor

GDX - Chart Link- the gold stocks lead down, which is always the case, they lead the metal

GDX - Chart Link- glad I didn't buy the 50 day MA test yesterday, I welcome the correction

GDX - Chart Link- 2hr view - to go long needed the GDX/GLD ratio break the trendline, which did not yesterday

Good morning. Happy Thursday.

The Asian/Pacificmarkets closed mostly up. Japan, Hong Kong, South Korea and Taiwan posted solid gains. Europe, Africa and the Middle Eastare currently doing well. Poland, France, Germany, Spain, the Netherlands, Italy, Austria and Saudi Arabia are up; Turkey, South Africa and the Czech Republic are down. Futures in the Statespoint towards a slight negative open for the cash market.

The dollar is up. Oil and copper are down. Gold and silver are down. Bonds are down.

Stories/News from Seeking Alpha...

Debt ceiling optimism

Stocks are looking to extend gains today following the risk-on move in the previous session. "We didn’t actually get much in the way of concrete developments, but negotiations [on the debt limit] are continuing, and the mood was lifted by the fact that all the major players reiterated they want to avoid a default," Deutsche Bank's Jim Reid wrote in a note. Elsewhere, the equity team at Jefferies updated its Franchise Picks list: the Buy-rated stocks where its analysts have the most conviction. Amgen (AMGN), Lowe’s (LOW) and Exact Sciences (EXAS) are new entrants in the list of 21 picks, which include price targets and how they’ve done against the S&P 500 (SP500) since their selection. (185 comments)

Fraudulent data

On the economic front, weekly jobless claims numbers will hit before the opening bell. The consensus is for a drop to 254K, but there are big concerns about the reliability of the numbers given a large amount of local fraud. National claims for first-time unemployment benefits rose above 260K last week, rising steadily after coming in below 200K for the last three weeks of March. Today's consensus is for a drop to 254K, but things are looking shady with bogus figures out of Massachusetts causing total weekly claims to be possibly overstated by as much as 20K. (8 comments)

Today's Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
10:00 Existing Home Sales
10:00 E-Commerce Retail Sales
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet

What else is happening...

Analysts advise that Target (TGT) earnings were better than feared.

Theranos (THERA) founder Elizabeth Holmes prepares for prison sentence.

Cisco (CSCO) slips despite strong Q3 results, guidance boost.

Report: PayPal (PYPL) is looking for buyers for Xoom.

Amazon Web Services (AMZN) details mega investment in India.

Copper producers watch as Chilean lawmakers pass mining royalty reform.

Under downward pressure, Charles Schwab (SCHW) taps credit markets.

Regional bank stocks buck the trend after positive deposit update.

This movie studio could become the next activist target.

Big jump for Take-Two (TTWO) after easy quarterly bookings beat.

M&A? Snowflake (SNOW) may be looking to acquire search startup Neeva

this breakout system I'm been testing that I showed last week - catch a nice trade today - just scaled out of it's final contracts - the trend hold part uses something similar to the KISS stops - moves stops up to higher lows

there was one crappy trade that stopped out previous to this that you can see on the left part of the chart

yep it's on my agenda - I had accidentally deleted all trendlines the other day

that said - a buddy of mine I was conversing with who came up with  the TICK levels idea told me that in his opinion they are better on the SPX cash because on futures the roll over messes it it - I take these back almost a year and so you get several roll overs in there

UXIN - Chart Link- nice when a plan works out, I said on Monday I was looking to buy this back on the pullback, did that yesterday near that trendline, nice pop off that.

I originally bought the 1.2 break and sold at the 50 day MA for a 50% gain, so this 2nd trade is nice too

NFLX - Chart Link- had to be patient with this one, backtested broken trendline today bounced off 

wow I managed to buy that bottom when SPX testes the 50 SMA on the 5 min - I got into MES via the 2 min Heiken Ashi chart - I'm really liking those Heiken Ashi bars lately for trading MES on - triggered off the small doji

anyway lucky buy - now we'll see what happens the rest of the day. 

on the gap up I was wondering if it would turn into a trend day but you don't get pullbacks like that on a trend day, and now price has retraced more than 1/2 of that decline, so we'll see what transpires 

AI - Chart Link for anyone who bought around that 200 day MA a week ago, nice move - watch that broken trendline if price works up to there

remember those 12 volatility systems are still in beta

for that QQQ/VXN system I'm using a 17 length for Bollinger bands instead of 20 and 2.4 for Stev instead of 2 for longs, for shorts I'm using an 80 length for the Bollinger bands and 2.2 for Stev. exits are above the 8 SMA

again I'm not finished with them, put 11 of those together on Sunday (already had the SPY one) still have a few things to test on them, as well as trend hold and scaleouts

some of you have this indicator (junkie I think) some others. I have it on those various TradingView charts - well pretty much all of them. I'll eventually make the indicator available

however to me it's a very useful indicator not just for support/resistance, but my favorite trade is when price breaks through the resistance cycle - that signals wave 3 breakout

been doing these manually but here's a system I wrote to go long on the break of those resistance cycles - shows 3 min chart of MES, taking 10 contracts and scaling out

I'll be turning this on during days when I think it's a trend day to catch those, and probably have it off on most chop days

man I'm good at developing systems - I'd be happy if some hedge fund just hired me to work in the lab all day to come up with systems for them, and they pay me the big bucks for it LOL

Yep but it's also not about being right and knowing the direction the market is going, it's about having a plan and executing on that plan

case in point: last night Steve and I talked about the market pretty late. It was his opinion that today was be a trend day either up or down, he was looking for a 1.5 - 2% day up or down. And we both discussed that which ever way it broke we would jump on that side, long or short.  We thought it could go either way with a slight bias to the upside because of the AAPL reaction but we were prepared to act either direction 

since it was up and broke a few key levels we went long pre market and all during the day

so again it's not about knowing exactly which direction it will go, but identifying key levels that confirm which way it's going 

KRE - Chart Link- tagged it's log trendline yesterday on the monthly going back to 2009

KRE - Chart Link-

$SPX - Chart Link- typical trend day mid day consolidation back to the VWAP, MACD recycle. you will want to see the 60 Stochastic stay above 80%

also many times price nears the 50 SMA on a 5 min, but that's still quite far

CLX - Chart Link- continues to trend up over the 9 EMA, nice acceleration today