Morning Update- SPY, ES, BBH, AMD & CPTS
S&P 500 SPDRs (SPY)- Daily Chart
The daily chart shows that the SPY is in a neutral symmetrical triangle pattern. Today the SPY has broken out of the triangle to the North. The SPY has been going up on strong volume and the PPO and stochastics have had a bullish reversal. This is déjà vu because this has already happened in the INDU.
The S&P 500 Futures (ES)
The ES chart is bullish. Today ES, like the SPY, broke up out of the down trend line and above the 72% retracement level at 128167. Therefore, we are going to power up higher now. Also stochastics are bullish.
The Biotech Holders ETF (BBH)- Monthly chart
On the monthly chart of the BBH you can see that it is still in it's 4 month downtrend channel. It is in the process of forming a bull flag. Once it breaks out of its recent down trend channel I would not be surprised if it retests its previous high at $238.15. The BBH is the laggard biotech index because AMGN and DNA are still waiting on catching some bids. The BBH will not begin to rally until these two stocks start participating in the move.
Advance Micro Devices, Inc. (AMD)- Daily Chart
I am bringing this chart up for a day trade because we are now in a bullish trending market. As you can see AMD has just completed a wave (3) to (4) pullback. It is a bull flag breakout. The bottom was put in at $38.32 and it is now breaking the down trend line and looks to go and test it's previous high.
Conceptus, Inc. (CPTS)- Daily Chart
The daily chart shows that CPTS is in an ascending triangle pattern. This is a short term trade. The chart is bullish and once it breaks out of the triangle it should fly. The PPO and stochastics are reversing to the upside.
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