During the first half of August, the market trended higher, but the SPY was firmly rejected at the 143 level. And now we have been consolidating near the top of the recent highs for about two weeks. We're still in the ascending channel that you can see in my SPY chart below, and this has been my guide all summer. We've moved away from the top of the channel, and we seem to be setting up to break higher. A move above 142 would be very bullish in my opinion. Keep an eye on that mini-triangle forming on the daily chart below. The bollinger bands are tightening, so I think a big move is coming soon.
There are tons of bullish looking setups out there, so many in fact, that I couldn't condense my list as short as I wanted! Here are a few ideas for the week ahead:
Long: SINA, LNG, CYOU, YNDX, LSI, MPEL, LVS, LNKD, CREE, AZC, NAK, APKT, MEOH, DECK, LULU, TIF, ES, TTWO, AIR, MPG, DSCO
Parabolic shorts: NTE, RPRX, SRPT, STEM, GERN, IMH, ZLC