NoanetTrader

Mar 5 Prep

In Long Setups, Short Setups on March 4, 2013 at 8:11 pm

The market continues to display great strength and resilience and every pullback continues to be bought. We believe the S&P 500 is about to break out over 1,525 and make its way higher to the 1,550-1,560 range where we can expect a more substantive consolidation/correction.

However, as all of you know, these market forecasts and predictions have very little bearing or correlation on what we do every day which is looking for momentum opportunities and trading them. Because the overall market environment is bullish we will continue to favor the long side, but it is not unusual for us to make short trades if a suitable opportunity presents itself (as was the case with AAPL today).

LONG Setups:

  • AMGN – high bullish flag, expecting continuation through 93 to 95
  • KORS – continuing to consolidate around 20dma and 60 level, expecting a bounce
  • MDRX – continuing to consolidate in a narrow range following earnings, expecting bounce through 13
  • RAX – oversold bounce continues, expecting it to start accelerating toward 57.50 and 200dma
  • RL – constructive pullback to 170 and bounce over 20dma, expecting continuation through 175 and toward new highs
  • BGFV – bullish reversal on higher volume, expecting continuation through 16
  • JAZZ – attempted a breakout today in higher volume and closed exactly at 60, expecting continuation through this level tomorrow
  • NTE – continuing to consolidate in a narrow range around 50dma, expecting a bounce through 14
  • BLK – high sideways consolidation, looks likely to resolve to the upside over 240, but this pattern also has a higher risk of failure
  • GWRE – bullish reversal on higher volume within the flag formed following earnings gap up last week, expecting continuation toward new highs

SHORT Setups:

  • MLNX – continued relative weakness and a rounding over pattern on daily, expecting downside continuation to 47.50 and below
  • PAY – unable to bounce following a massive gap down, likely additional downside to 18 and below
  • GME – unable to stay above 50dma and finished close to the lows, expecting pullback to next area of support around 22-22.20
  • MUR – closed below 50dma, if it cannot stay above 60 possible downside to 58
  • TWI – similar to PAY, next area of support is 20
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  1. [...] on Friday and yesterday as every dip was met with buying. As we mentioned in last night’s prep post, this market is poised to move to 1,550 and beyond and that is exactly what seems to be [...]

  2. [...] our post on Monday I said we believed the S&P 500 would make a move to the 1,550-1,560 zone and the [...]

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