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Morpheus TradingMajor Market and ETF Trading |
Long Setup In The Euroshares Currency ETF
Small and mid-cap stocks followed up on Wednesday afternoon's rally with a session of solid gains yesterday, but negative divergence in the Nasdaq indices limited the stock market's gains. he small-cap Russell 2000 and S&P Midcap 400 indices both rallied 0.9%, while the S&P 500 and Dow Jones Industrial Average advanced 0.5% and 0.4% respectively. The Nasdaq Composite, however, lagged behind with a gain of only 0.2%. The tech-dominated Nasdaq 100 Index actually lost 0.1%. Most of the major indices closed near their intraday highs, but both of the Nasdaq indices closed in the bottom half of their ranges. The S&P and Dow both finished at new six-year highs, as the Russell and S&P Midcap indices posted new record highs.
Total volume in both the NYSE and Nasdaq declined by 2%, preventing both exchanges from registering"accumulation days." Still, overall turnover was above average levels. Mixed market internals confirmed the divergence between the S&P and Nasdaq. Advancing volume in the NYSE exceeded declining volume by a margin of 3 to 1, while the Nasdaq ratio was fractionally negative.
In the January 31 issue of The Wagner Daily, we illustrated how the Pharmaceutical HOLDR (PPH) was setting up for a potential long entry above its two-week downtrend line. As anticipated, it popped above its downtrend line that day, then followed up with another rally yesterday. Going into today, PPH is likely to test resistance of its prior high from January 19. If you're a short-term momentum trader, consider selling into strength and taking the quick profit if it does. Otherwise, you may need to wait through a period of consolidation before it breaks out to a new 52-week high. The dashed horizontal line on the chart below marks resistance of the January 19
high:
With the broad-based indices that are now trading at new highs, there is a lack of overhead supply to contend with. As such, it will not take a lot of buying pressure to push the market higher. However, the Nasdaq Composite still remains an area of concern because it is having difficulty breaking out above resistance at the 2,470 level that we illustrated yesterday. Things are starting to look more positive overall, but we see no reason to be overly aggressive until the Nasdaq gets in gear.
Open ETF positions:
Long GLD, QID (regular subscribers to The Wagner Daily receive detailed stop and target prices on open positions and detailed setup information on new ETF trade entry prices. Intraday e-mail alerts are also sent as needed.)
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Made several great trades today. Traded the QID, QQ [read more]
When I first started Day Trading I traded anything that [read more]
NOTE: Please click on the charts below to enlarge them if [read more]
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