S&P after a major plunge in February, the index is forming a V bottom right hand extension pattern (bullish). This could be wave 4 pull back of a 5 wave pattern. Earlier in the week the market did trade up to lateral resistance and then backed off. Friday was a quiet inside day, unusual for a quadruple witching hour. But every time we have had these events on huge volume markets have gone up.
NDX, on the other hand, made new all time highs last week and then pulled back. So a negative divergence with the SPY. But, NDX is also in wave 4 of a 5 wave pattern and needs to hold around 7010 to continue higher. Below that area and it could trade to 6950 where the up trending channel line should provide support.
Russel 2000 (IWM) did make a double top at 160 but has the same pattern as the other two indices, a 4th wave pull back in a 5 wave pattern. Support comes in around 156 for both lateral support and the up trending channel line. If it breaks the double top, then 165 is the target.
Dow Transportation, though, is not confirming the moves, so also a negative divergence. It is forming a rising bear wedge and needs to break thorough 10,800 area to continue higher.
Gold still is, currently, a non-event. Staying away for the Miners until we see some direction.
AKCA: Big move the last two days on positive drug news. Stock has traded up from $21.00 to new all time high of $32.47 closing at support at $31.21. But if momentum stays strong then Price target of $35.00.
AMTX: Huge move on Friday with monster volume. Stock traded as high as $3.12 closing at $2.45 on 43 million shares. But after breaking out of the wedge formation I don't think this trade is finished. But such a strong move may be overbought in this area and it needs to consolidate. It would need to get over Friday's high to look to go long again. Price target $4.00 and $5.00.
ARQL: Stock has come from under $1.00 in a strong up trending channel. The last two days it spiked up to $2.48 closing at $2.25. It needs to get over $2.65 with a price target of $3.25 and then $3.50. Short ratio, 3.9 days to cover.
IMGN: Stock broke out on Friday trading up to $12.38 and closing at $12.22. Target $14.00 and $17.00.
OCUL: Huge reverse head and shoulders pattern and stock broke out on Friday through the neck line on Friday trading as high as $7.39 and closing at $7.08. Either look to buy at support of $7.00 or over $7.40. Price target $8.00 and $9.00. Short ratio, 20.4 days to cover so could add momentum to the trade.
SGH: Stock broke out of lateral resistance on Thursday and had good follow through on Friday. It traded as high as $45.44 closing at $4.22. Strong, powerful chart Looks to be heading for $50.00 and then $60.00.
TNDM: Coming off a base at $2.25 the stock ran to $4.29 which was lateral resistance. It has been consolidating the last week. Over $4.30 and I am looking for $5.50 and then $7.00
VCEL: A few weeks ago the stock gapped higher and now is forming a bull wedge. It needs to break out of the wedge to the upside and trade over $13.00. Price target $16.00.
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