Action Points

The Index Watch , Weekend Review and the Trading Spreadsheet are complete. I didnt' have the time or energy to update the short setups. On another note, there are multiple entry points on many of the breakout and longs that I don't list on the spreadsheet so it might not be a terrible idea to look over them individually.

Breakout Setups (Click on Symbol for Annotated Chart) AHII Animal Health Intl ANGO AngioDynamics TIVO TiVo VM Virgin Mobile CHB Champion Enterprises DRYS Dry Ships BQI Oilsands Quest SPWRA SunPower SRZ Sunrise Senior Living THRX Theravance CWST Casella Waste Systems QRCP Quest Resource BXG Bluegreen XTEX Crosstex Energy Gp CNOA China Organic Agriculture CENX Century Aluminum GBE Grubb & Elllis PTEC Phoenix Technologies IO ION Geophysical XTXI Crosstex Energy TSCM Thestreet.com ULTR Ultrapetrol LYG Lloyds TSB Group MTRX Matrix Service MGM MGM Mirage SB Safe Bulkers SII Smith Intl SIMG Silicon Image SIMO Silicon Motion Technology QMM Quaterra Resources GMXR GMX Resources GPXM Golden Phoenix Minerals URRE Uranium Resources VLO Valero Energy IMYN Immunosyn GNH Global Energy PETD Petroleum Development APAC APAC Customer Services OCNF OceanFreight CPSL China Precision Steel PRXI Premier Exhibitions EGT Elixir Gaming HALO Halozyme Therapeutics I...

I wanted to update the S&P 500. We are at (near) significant resistance levels across multiple time frames, and I think a pullback is likely sometime in the near future. From an objective and Risk vs Reward standpoint, the smart money is scaling out of or tightening up open long positions. If the levels I've identified on the Daily and Monthly are taken out this week, I'll have to amend my thoughts. If I come across anything new tonight not posted over the weekend, I'll edit this post.

The Index Watch , Weekend Review and the Trading Spreadsheet are complete and posted. Regardless what occurs this week, we have an abundance of objective setups to watch. Post Edit (Sunday Night): I was scrolling over some longer term charts and thought this would interest those who haven't seen it. This is a Monthly Chart of the S&P 500 that dates back to 1928. As we can see, the price is currently at the "under belly" of a trendline that I think will offer significant resistance. Here is the same Monthly Chart , but I've provided a closer look. I also thought some would be interested in the Monthly Chart of the Gold & Silver Index .

Index Charts S&P 500 Index ($SPX) -- We are nearing the upper trendline in the Wedge on the Daily Chart . It's managed to hold the price down for the past couple of months. A push over suggests a move to the 1080 area. On the Weekly Chart , we are very close to important intermediate term resistance levels. I think a sustained push over in the short term is unlikely to occur. If a pullback does occur in the next day or three, I'll keep this Chart overhead. Nasdaq 100 Index ($NDX) -- I'm struggling to find much to draw on the Daily Chart . I've included a possible mini Broad Pattern, but it's not going to require much of an effort to negate it. On the Weekly Chart , it easily knifed through an area where I felt it would struggle at. However, it's sometimes common to "temporarily" punch over before reversing. Russell 2000 Index ($RUT) -- On the Weekly Chart , the key areas of resistance are 620 and 665. I expect it reach either one or both by the...

Breakout Setups (Click on Symbol for Annotated Chart) ANGO AngioDynamics AKRX Akorn APAC APAC Customer Services AXAS Abraxas Petroleum CPE Callon Petroleum FARO FARO Technologies TIVO TiVo VM Virgin Mobile FST Forest Oil PCX Patriot Coal SKIL SkillSoft SB Safe Bulkers PEIX Pacific Ethanol RUTH Ruth Chris Steak House VVI Viad PINN Pinnacle Gas Resources HERO Hercules Offshore PNSN Penson Worldwide HSTX Harris Stratex Networks ICO Intl Coal Group IO ION Geophysical TSCM TheStreet.com MCHX Marchex CNOA China Organic Agriculture XTEX Crosstex Energy BXG Bluegreen SD Sandridge Energy PLLL Parallel Petroleum FMCN Focus Media CENX Century Aluminum ES Energy Solutions MITI Micromet GA Giant Interactive Group CFX Colfax HCKT Hackett Group COGT Cogent CRNT Ceragon Networks RAMS Aries Maritime UTSI UTStarcom SGI Silicon Graphics RT Ruby Tuesday DRYS Dry Ships EMKR EMKOR Corp ENZ Enzo BioChem FCSX FCStone Group FSN Fusion Telecommunications ABK Ambak ...