Weekly Stock Charts

Jonathan Parsons

Feb 17th 2018 10:30 AM Update: What a great week! I think it was bigger than most expected. Key after the bullish divergences was breaking the inside day to the upside after CPI #. Doesn't matter if the data was hot or cold - what matters is the reaction. And when everything started breaking to the upside, it was game on. Tons + tons of opportunities this week in metals, tech, fins, emerging markets, oil, etc. Only things that weren't moving were nat gas and bonds. OK, so what's next? 300+ names on my high-volume weekly inside scan are inside. So, what happens next will be very dependent on where those 300+ inside weekly charts break (up or down). Next week is a 4 day week which tends to have lower volume + more chop. We've also been up >1% the last 4 of 5 days, so some give back is likely. Putting it all together, most likely scenario is push higher Tues, give back on Wed/Thurs, and then back up by Friday (so strong, then chop). Based on the charts, it's unlikely 300+ names are going to bust out the lows, I would guess 10% chance (not zero). Anyway, watch those breaks this week and trade accordingly. Good luck out there!

$INDU - Dow Jones Industrial Average

$MID - S&P Mid Cap Index

$SML - S&P600 Small Cap Index

$TRAN - DJ Transports

ETFs to Watch - AIEQ

ETFs to Watch - BOTZ

ETFs to Watch - FDN

ETFs to Watch - GDX

ETFs to Watch - GLD

ETFs to Watch - HACK

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