Here are some big picture charts i'm noting.
The defense sector looks pretty attractive. A ~10% market pull in would be fantastic. We'll be watching this space for quality entries in the coming weeks.
Semis are another group i'm looking to get long. It reached the short term target last week and quickly reversed. A target much higher still remains.
The construction group was turned away at resistance this week. The same goes for the truckers. I had been bullish on both and looking to dumpster dive as we wanted to ride the white lightning, but we need to use our heads here and wait for more damage and clarity.
On a shorter time frame we have a momentum rollover leading a classic double top targeting a test of the 50D. Note the possibility for a larger double top, but that's just a possibility and an upside target of 23.50 remains.
EEM is on near a test of a pivotal support line off of the 2011 lows. It's DOWN 4-5% in 2013. Yeah, DOWN. Why wouldn't it be one of the first to break down hard if it's one of the weakest things out there? However, 42.20 is the 200 day SMA and a daily tweezers bottom pattern appeared Friday.
We can see NYMO is near an attractive buying zone. This is also displayed by the NYSE up down volume ratio.
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