The S&P 500 (ETF Proxy – AMEX:SPY) is pushing up into the blue box as forecast. There is still a bit of bullish energy that needs to dissipate before short exposure can be taken with the highest odds, but I will be on the lookout for any reversal patterns that form as price pushes up closer to the $200 per share level.
Gilead Sciences (NASDAQ:GILD) is still digesting it’s recent bottoming pattern. There is a small surge in bearish power that we are forecasting will take price down into the green zone, to form a higher low and thus confirm the bottom. The first profit target would be at the 50 SMA (Orange line), then depending on the power readings at the time we can update our ultimate price target someplace near the $100-$105 per share area.
The false breakout we predicted in McDonalds (NYSE:MCD) continues to build power for its next leg down. The range that we forecasted has formed, and the price action suggests that a breakdown is imminent. We still believe that it would be prudent to take partial profits as price reaches down into the area on the chart indicated in blue.
Bo Yoder,
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