Afternoon Update
The S&P 500 SPDRs (SPY), the SPX
Today has been uneventful. One of the lightest volume days of the year. Today the SPY and the SPX spent the day back testing their respective symmetrical triangle breakouts. We are pennies away from new 52 week highs.
The Dow Jones Industrial Average ($INDU)
On the monthly chart the INDU remains in a bullish trend. It has rallied 200 points off of its lows this month and has hit the 86% retracement level so far from its target price of 11350, which is also the next resistance level.
The ISE OIL and Gas Services Index ($OOG)
The commodity sectors are having a bounce today. We don't know if is a new leg up or a dead cat bounce up in the OOG, but it appears to be holding it's long term uptrend line. We are still waiting for a 72% retracement of the move to become more aggressive in this sector. We have however, added MPET and LSS as per the weekend update on an anticipated new leg up.
SPY
$SPX
$INDU
$OOG
