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Begin part 2 of 3
New plays and full write-ups contained in part 3.
Support and Resistance
NASDAQ: Closed at 1850.64
Resistance:
The 50 day EMA at 1869
The 50 day SMA 1872
May 2004 lows (1876 closing, 1865 intraday) may prove to be some resistance.
The March 2004 lows (1897 - 1989)
The 2004 down trendline at 1918
The 200 day SMA at 1968
Support:
The October 2002/March 2003 up trendline at 1846
The 18 day EMA at 1844
July 2003 highs at 1755
Late July 2003 top at 1735.
June 2003 intraday highs at 1686 to closing range at 1644 to 1677 (mid-July low here as well).
S&P 500: Closed at 1116.27
Resistance:
The March/April down trendline at 1119
1125 was key price support.
1142-1146 are the June highs.
The April and January highs (1150 to 1155).
1159 (February highs) and 1160 to 1175 the highs in that double top that spanned late 2001, early 2002.
Support:
The 200 day SMA at 1113
The 18 day EMA at 1104
The 50 day EMA at 1102
1096 to 1100 represent price support.
May low at 1084 (closing) to 1076 (intraday).
1080 (May and July lows).
1062 - 1058 from November 2003
Dow: Closed at 10,313.36
Resistance:
Late April, June peaks at 10,478 to 10,512
10,570 is the early April high
Price consolidation at 10,600 level
10,747 is the February high
Support:
The 200 day SMA at 10,270
The 18 day EMA at 10,170
The 50 day EMA at 10,145
The February/April down trendline at 10,060
9783 to 9793, the August lows.
9625 - 9660 from September 2003.
9500 from various price points in late summer to fall 2003.
Economic Calendar
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
September 8
Consumer Credit, July (3:00): $10.9B actual versus $7.5B expected and $4.3B prior (revised from $6.6B)
September 9
Export Prices ex-ag., August (8:30): 0.6% prior
Import Prices ex-oil, August (8:30): 0.1% prior
Initial Jobless Claims, 09/04 (8:30): 345K expected and 362K prior
Wholesale Inventories, July (10:00): 0.6% expected and 1.1% prior
September 10
Trade Balance, July (8:30): -$51.6B expected and -$55.8B prior
PPI, August (8:30): 0.2% expected and 0.1% prior
Core PPI, August (8:30): 0.1% expected and 0.1% prior
CONTINUING PLAY TABLE:
* * SPREADSHEET DOWNLOAD * * *
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http://www.technicaltraders.com/ttr/table.php
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http://www.investmenthouse.com/rescue/rescue.php3
LEGEND
DATE: date play first appeared on report.
PLAY: Denotes the type of pattern or play.
Upside play types: Asc Tri=Ascending triangle/wedge; BO=Breakout; Cup=Cup base; Cup hdl=Cup w/handle; DB hdl=Double bottom w/handle; Dbl btm=Double bottom; Flat=Flat base; FlyPlat=Flying Plateau; Pennant=Pennant; Rv H&S=Reverse head & shoulders; Saucer=Saucer base; Test 18=Testing 18 day MVA; Test 50=Testing 50 day MVA; Test BO=Testing the breakout (could be 10 day MVA test, etc.)
Downside play types: CCall=Covered Call; Dsc Tri=Descending triangle/wedge; Dbl Top=Double top; H&S=Head & shoulders; Put (generic downside);
PIVOT=Buy point
Tgt=Target stock price for the play. Applies to stock and options.
Vol=Volume for the most recent session.
TgtV=Target volume to enter the play.
Stop=Stop advisory point. This is advisory and we may or may not exit a play if it hits this level depending upon market conditions.
Upside Plays
Stock Date Play Close +/- Pivot Tgt Vol TgtV Stop
AEOS 07/27 Flat 36.29 -0.56 31.18 36.32 1.4M 2.3M 35.89
Current. Pullback on lower, below average volume. Still in uptrend.
AGYS 08/14 Test BO 15.88 -0.4 15.16 17.84 276K 276K 15.44
Current. Pullback on lower, but above average volume. May test back to support at 15.50.
AVN 08/28 Test BO 2.83 -0.08 2.51 3.64 900K 1M 2.78
Current. Gapped down showing a doji on lower, but still above average volume. Still in uptrend.
AVO 09/04 Cup 38.55 -0.77 38.49 44.12 279K 1M 38.28
Current. Pullback testing the simple 50 day MVA intraday on lower, below average volume. Still in good shape.
BG 08/27 Cup hdl 39.53 -0.55 40.77 46 308K 900K 39.67
Exited. Moving down below the 18 day MVA on low volume.
CEDC 08/23 DB hdl 23.71 -1.18 25.35 29.55 196K 245K 23.88
Buy Not Issued. Tanked below the 50 day MVA on strong volume. Stock has not performed so will drop.
CHTT 08/27 Cup 31.9 +0.15 30.35 34.72 170K 258K 30.98
Current. Continue with uptrend on lower, but average volume. Making a 52 week high.
CLF 08/16 Cup hdl 71.59 +0.43 66.14 74 327K 454K 69.89
Current. Continue with uptrend on lower, but still strong volume.
CSAR 08/26 Test BO 16.68 +0.18 16.55 19.38 98K 175K 16.45
Current. Tested the 10 day MVA and rallied back showing a tight doji on lower, below average volume. Moving up after testing the breakout.
CSAR 08/16 Test BO 16.68 +0.18 15.21 17.72 98K 175K 16.45
Current.
DECK 08/18 Asc Tri 32.47 -0.87 31.54 36.55 835K 550K 29.95
Current. Gapped up at the open, but reversed on lower, but still strong volume. Still in good shape.
DGX 09/01 DB hdl 85.1 -1.05 86.38 97 567K 852K 84.98
Exited. Moving down below the 10 day MVA on rising, but average volume.
DRAX 08/28 Cup hdl 4.76 -0.07 4.78 5.75 94K 226K 4.45
Buy Not Issued. Pullback on lower, below average volume. Still in uptrend. Needs to move with more volume before we will enter the play.
EXBD 08/28 Test BO 59.48 -0.04 58.69 63.58 322K 250K 58.22
Current. Making a lateral move showing a doji on stronger above average volume. Doji may indicate a change in pattern.
GENZ 08/24 Cup hdl 53.32 -1.13 53.43 60 2.3M 3.2M 53.55
Trailing Stop. Thudded down below the 10 day MVA on rising, but average volume.
GIVN 09/01 Flat 38.33 -0.52 37.25 42.45 102K 431K 38.25
Current. Gapped down showing a tight doji on very low volume. Routine pullback. Still in uptrend.
ISRG 08/09 Test BO 25.37 -0.91 22.71 26.05 583K 400K 26.59
Trailing Stop. Gapped down showing a doji on the 10 day MVA.
ISSC 08/23 Test BO 27.84 +0.46 27.04 31.48 119K 300K 26.82
Current. Tested the 10 day MVA intraday and rallied showing a doji on lower, below average volume. Some resistance at 28.
ISSC 08/11 Asc Tri 27.84 +0.46 23.88 27.55 119K 300K 26.32
Current.
JAKK 09/01 Flat 20.99 -0.32 21.07 24.18 630K 474K 20.39
Current. Pullback showing a tight doji on very strong volume surge. Doji may indicate a change in pattern.
KMRT 08/18 Dbl btm 81.58 -2.52 80.22 92 3M 3.6M 82.65
Current. Pullback on average volume. May test back to support at 80.
LIFC 09/04 Dbl btm 9.55 +0.03 9.63 11.59 186K 450K 8.96
Current. Tapped 9.30 at the low and rallied back showing a tight doji on lower, below average volume. Making a lateral move.
LSTR 08/30 DB hdl 54.68 +0.34 53.76 59.42 190K 334K 52.22
Buy Not Issued. Continue to move up the 10 day MVA on low volume. Looking for stock to test back before we can enter the play.
MDCC 08/31 Test 18 24.18 -0.26 23.93 26.95 113K 300K 23.22
Current. Pullback testing the 10 day MVA intraday on lower, below average volume. Still in good shape.
NUS 08/11 Test BO 26.65 +0.26 26.39 30.42 667K 475K 25.88
Buy Not Issued. Tested the 18 day MVA intraday and rallied back on stronger above average volume. Did not enter because would like to see more of a break away move. This volume is a good sign that stock is ready to move.
OMN 08/30 Flat 6.05 -0.31 6.29 7.56 110K 137K 5.85
Buy Not Issued. Thudded down holding the 18 day MVA on lower, but above average volume. Needs to hold here or will drop.
PHRM 08/25 Dbl btm 48.75 -1.15 49.85 57.75 316K 773K 48.98
Current. Pullback tapping 48.10 at the low and rallied back on rising, but below average volume. May test back to the 10 day MVA (48.34)
PLMD 08/21 Cup hdl 30.16 -0.32 31.21 35.44 156K 357K 30.29
Buy Not Issued. Moving down holding the 18 day MVA on below average volume. Stock has not made the move so will drop.
PMTI 08/23 Dbl btm 22.19 +0.69 18.44 21.95 1.2M 222K 20.69
Target Hit. Took some of the money off the table as stock moves up the 10 day MVA on very strong volume. Came off the day's high of 23.16.
PRXL 09/07 DB hdl 19.99 -0.24 20.54 24.48 125K 176K 19.62
Buy Not Hit. Volatile session. Pull back on stronger above average volume. Still in the pattern.
QCOM 09/02 FlyPlat 39.51 +0.18 38.82 45 16M 11M 37.59
Current. Continue with uptrend on rising, but below average volume.
SOSA 07/15 Cup hdl 4.09 -0.05 3.48 4.38 338K 500K 4.24
Current. Gapped down tapping 4 at the low and rallied back showing a tight doji on lower, below average volume. Testing the breakout.
STLD 09/07 BO 34.51 +0.31 34.62 39 1.9M 750K 33.58
Entered today. Continued yesterday's move with stronger above average volume.
TDS 08/02 FlyPlat 79.3 -0.95 77.46 82.38 106K 265K 78.55
Current. Pullback on below average volume. Still in uptrend.
UTHR 09/02 Test 18 30.75 +0.02 31.12 35.35 334K 650K 30.42
Buy Not Hit. Continue with lateral move on lower, below average volume.
VRNT 09/04 Dbl btm 32.15 -0.3 33.28 38 73K 216K 32.88
Buy Not Hit. Pullback on lower, below average volume. Still in the pattern.
WSO 09/07 DB hdl 29.7 -0.44 30.08 34.94 84K 150K 29.24
Current. Pullback on much lower, below average volume. Still in good shape. May test back to support at 29.61.
YHOO 09/02 Cup 30.38 +0.74 30.36 35 19M 25M 29.87
Buy Not Issued. If it can continue the move on this decent trade we
will start a position.
ZBRA 08/25 Dbl btm 58.19 +0.44 56.45 60 327K 425K 57.05
Current. Tested the 10 day MVA intraday and rallied on rising, but still below average volume. Moving up on higher volume after testing the breakout.
Downside Plays
Stock Date Play Close +/- Pivot Tgt Vol TgtV Stop
ADEX 09/04 Put 17.66 -0.15 16.98 15.15 86K 175K 17.18
Buy Not Hit. Tapped the simple 50 day MVA intraday, but could not hold the gain holding the 18 day MVA on lower, below average volume. Needs to roll over here.
AMSG 08/28 Put 22.44 -0.56 22.35 20.55 269K 300K 22.54
Buy Not Issued. Stock fell for a nice move down holding the 10 day MVA on rising, but still below average volume. If move continues tomorrow with good volume will be a buy.
ATRX 08/28 Put 29.03 -0.15 29.25 27.35 199K 700K 29.33
Current. Continue to move down the 10 day MVA on low volume.
POWI 09/04 Put 18.61 -0.55 18.72 17.22 1M 500K 19.21
Entered today. Nice move down the 10 day MVA on strong volume surge.
PTEK 08/26 Put 7.7 -1.19 8.58 7.28 2.9M 725K 8.98
Target Hit. Gapped down at the open hitting the target so we took our money.
SVU 09/07 Put 26.71 -0.47 26.88 25.32 686K 850K 27.15
Entered today. Nice move down the 10 day MVA on rising, but below average volume.
TEVA 08/21 Put 27.51 +0.07 27.34 25.35 4.6M 4.5M 26.88
Gapped up showing a doji on the 18 day MVA on lower, below average volume. Could not hold the day's high of 28.17. Needs to roll over here.
End part 2 of 3
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