Nightly Update- INDU,SPX,BTK,GHA,IYR,RKH,YM, NQ & ES

Dow Jones Industrial Average (INDU) - Daily chart
The daily chart of the INDU illustrates that it is in a continuation diamond pattern. As you can see, the INDU hit the uptrend line at 10740 and then rallied sharply higher. Target remains 1350 and perhaps higher. At the moment the indicators and oscillators are bullish. The INDU has been parabolic for the last 3 days.

The S&P 500 Large Cap Index (SPX) - Daily chart
As you can see from the daily chart, the SPX is in a symmetrical triangle pattern. The short term pattern is bullish and the trend is bullish. Price target remains 1304 at the low end to 1334 at the high end. Furthermore, you can see that the SPX is rising on expanding volume. Indicators and oscillators are bullish. The SPX has been parabolic for the last 3 days.

The Biotechnology Index (BTK)- Daily chart
As you can see by looking at the daily chart, the BTK is trying to break out of an ascending triangle pattern. The BTK is in a bullish trend reversal; indicators and oscillators are bullish. Today the BTK, up 1.79% at 727.010.

The Computer Hardware Index-GSTI (GHA)- Daily Chart
As you can see by looking at the daily chart, the GHA is on the verge of a break out of an ascending triangle pattern. It has completed a wave 3 to 4 pullback. It too, has been parabolic for the last 3 days and is close to making new 52 week highs. The Aroon just had a bullish cross and the PPO is just starting to turn up.

Real Estate iShares ETF - (IYR)-Daily Chart
The IYR daily chart illustrates that it is forming a large cup and handle pattern. As you can see by looking at the chart the IYR has broken out of that handle today. The IYR is up 0.86% at $69.43. I am bringing up this chart to point at the fact the strength in this ETF will also bring strength into the HGX and housing stocks will likely soon catch a bid. Furthermore, indicators and oscillators are in a bullish trend reversal and are making new highs along with price.

Bank Regional Holders ETF- RKH- daily Chart
As you can see by looking at the daily chart, the RKH has broken out of the ascending triangle pattern. The RKH is in a bullish trend reversal; indicators and oscillators are bullish. Today the RKH is up 0.78% at $145.110.

Dow Jones Industrial Average Futures - YM Daily chart
The YM chart illustrates that it has broken out of the continuation diamond pattern. The INDU is the only index that took the market higher this week, and it bounced us off of the lows last week. Stochastics look bullish.

Nasdaq Futures (NQ)- NQ Daily chart
Nasdaq Futures are slightly above the down trend line at 169273. This is also the 38% retracement level from the previous highs. Stochastics look bullish and are starting to turn up.

The S&P 500 Futures (ES)
The ES chart is bullish. Today ES, broke up out of the down trend line and above the 72% retracement level at 128833. Therefore, we are going to power up higher now. Stochastics are bullish.