ETFs

The market is rallying off of very oversold conditions. A couple of ETFs of note that held up better than lots of the market are the Transports & the Russell 2000.The transports have quickly recovered its 1 yr trendline w. the Indicators buried in oversold territory. Looks like a buy on a pullback at $77.5. I'm keeping it conservative with a stop at $76.35. If it can break the downtrend the target is $83.



UWM is the 2x for the Russell. It too held its trendline. $31 is the buy area with $29.95 the stop. This targets $36.5 if the downtrend line is broken.

SP 500

Looks like resistance at the wedge to resistance is going to be too difficult to jump. Price was turned back at the trendline and is starting to fall out of the wedge. The indicators are rolling over with plenty of room to the downside.

This looks like a good place to sell. Shorting at 1060 with stops near 1075-1080 ought to work.

S&P 10/09

The S&P 500 is at a critical junction after its recent runup since this prior post:

http://rpbsinvsvcs.blogspot.com/2009/08/s-long-term.html

It looks like the S&P is going to need to jump the 1080-1100 area in order to hit the original target. Bullish earnings reports this week may provide the catalyst. If it doesn't make the jump soon, the rising wedge may rule the day, taking prices down quickly.