On Tuesday, stocks started the session with weakness over concerns of Chinese interest rates. A strong technical positive is that indexes reversed to close posting solid gains. Good news is that volume picked-up confirming institutional sponsorship.
After recent gains, anticipate backing & filling along with sector rotation. Shallow pullbacks on light volume would be healthy to rebuild momentum. Numerous leading stocks are in extended territory.
The TREND remains to be UP....
This morning, futures are pointing to a modest LOWER opening.
Focus is on stocks close to / meeting the CRITERIA:
Selective Chartists Positions (with BUY price): 4 (subscribers only)
Lam Research (NASDAQ:LRCX)
Rio Tinto (NYSE:RIO)
JC Penney (NYSE:JCP)
Wynn Resorts (NASDAQ:WYNN)
Urban Oufitters (NASDAQ:URBN)