As I've been telling you guys for months now, the rate increase is not likely to occur in June and most likely to occur in July. My rationale for this has always been two fold: 1) Brexit and 2)A rate hike now is too soon and one in September is too close to the election. Last week's data gave the markets a quick rattle but by the end of it investors and traders had been calmed by the depreciation in likelihood that the Fed would move in June. Well like a kid turning his homework in late, the market seems to be peeking over its shoulder at the Brexit event looming. With that, the market is pricing a lower possibility for a rate hike in June.
That said, we are sitting at 2100 with the potential of an all time high breakout in the stock market. My bias is that we will eventually take out the highs, continue to rally and cause capitulation before ultimately falling apart. So for now, the pain trade remains to the upside until a catalyst occurs to "shake things up". With that in mind, I'm focusing primarily on stocks that are poised for higher. Below are the SPY charts to keep an eye out including a FIBS chart for potential resistance.
Winner winner. 717 support.
Could be at support retest, could be a cup and handle, could be a rollover. It all depends on how 97.5 will hold.
Support retest held. This should be a long so long as this holds. Rising MA's should push this higher moving forward. 100.30 is the breakout.
Heavy short interest, zero debt, channel break, and now an issued buyback. This should catch gas to the flames soon and continue its way higher. Read this post if you are interested in swinging this name and/or want more details.
This name is itching for a breakout. Here is your level.
Flagging with 112 as support. Look for continuation.
Backtest of the breakout. Ready to rip again.
Strongest sector on the board at the moment. After months of consolidation, this sector is set to go. This one may get extended quickly so tread lightly.
Broke out of multi-month downtrend. Add it to your bullish list. Lowest Macau exposure of all the casinos. 24.35 will lead to further upside.
Clear downtrend about to break on all time frames. Extremely bullish chase if that occurs.
Faked a breakdown and took off. It has been in an uptrend ever since. If this plays like the market has been of late it's poised to fill the gap into the 1317 1331, and 1340 levels and possibly beyond.
One of the strongest names in the strongest group. This had 28 weeks of consolidation. Look for a continued breakout.