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Deron Wagner: Today’s Stocks And ETFs (Commentary and Charts)
Deron Wagner: Stocks continue to press higher despite short-term overbought readings. As we have seen several times over the past few years, the Nasdaq can remain above the 10-day moving average for 30 to 50 sessions without closing below the 10ma for two consecutive sessions (the Nasdaq is currently on day 14 above the 10ma).
Semiconductor ETF ($SMH) cleared the swing high on a pick up in volume, while biotech ETF ($IBB) broke the prior day’s low and sold off on higher volume. $IBB stalled at trendline resistance on the weekly chart. This trendline is connected using swing highs.
The 10-day MA on the daily chart will be key on a pullback. If the 10-day MA holds, then $IBB should continue to trend higher. A break of the 10-day MA on volume would suggest more consolidation is needed.
After breaking out to new all-time highs in early February, $PAYC has stalled out just below $35, trading in a tight range while the 10-day MA catches up. With the 10ma just below, we now have a low-risk swing entry point in place.
The buy entry is over Tuesday’s inside day with a very tight stop. If the 10-day MA fails to hold, then a pullback to the 20-day EMA is probably in the cards.
$PAYC is a small cap stock that went IPO last April. It has impressive IBD ratings of 98 relative strength, 99 EPS, and 99 Composite.
$GDXJ is still hanging around the 50-day MA, and could potentially be back in play with a close above the current two-day high.
For those not already long $GDXJ, the two-day high is a decent entry point using the stop listed in the open positions section.
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This article is brought to you courtesy of Deron Wagner.
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Source: http://marketdailynews.com/2015/02/25/deron-wagner-todays-stocks-and-etfs-commentary-and-charts/
