$SPY dropped just under my 1st support of 140.28 to around 140.19, and bounced back. Actually 140.34 is the 3rd support on an intra-day chart, so I do believe the market is setting itself up for another leg of new highs. We will have that confirmation once we break the 140.64 level, and shoot up to close above the 141.12 level. If that happen, I expect the market to hold the 141 level tomorrow just before the fed speech, and then we end up the day with a good rally.
Names I am looking as we go forward are:
$CAT held twice the 50MA.
$PXD held well the 100MA.
$BTU if it can cross the 50MA.
$FCX might test the 50MA soon, if that holds, it will be a great opportunity.
$BHI if it holds 50MA.
$RHT, 54.90 is 50ma, not sure if it will test it, but a great buy at that level. Could sky rocket to 64 easily.
May you all have a good continuation of your day.
