TXN - low risk setup

TXN is back to long term support and there's a descent chance it will hold for a short term trade (with a stop below the high 13s). Plus it has the added benefit of tech stocks being strong this week. Be conscious of earnings on the 26th.

In the intermediate term (1-5 months) there is no reason to believe that any support levels (not just TXN) will hold so consider going short south of 14 or if/once TXN starts rolling over - perhaps mid to high 15s where there is considerable resistance.

long-term TXN


short-term TXN

Apple

Couple points of interest with regards to AAPL:
50 day MA = resistance
Magic orange line = resistance
Selling pressure in the 105-120 range = resistance
17% bounce off of intermediate term support = ready for pullback

The news about WalMart selling the iPhone is old news and this will not happen before Christmas anyway. I would be more inclined to short AAPL, ignore the news, and place a stop above the magic orange line in case this half-assed bear market rally makes another run for it.

Overhead Resistance

The market is starting to get into overhead resistance territory. It's going to take a lack of bad news or possibly even some good news to get over this first hump.

That said, the long-term trend continues to point down and while there is a good deal of short-term bullishness in the market and in the blogosphere, unless you are an extremely short-term trader, you might be better off looking for opportunities to get short rather than going long....especially when the market is now up 14% from its recent lows - statistically not the time to buy.

Here's an example of a rip to sell. It is even begging you with the low risk setup. Stop above 9.
NVDA

Volume By Price

Volume by price (a horizontal histogram that overlays a price chart. The histogram bars stretch from left to right starting at the left side of the chart. The length of each bar is determined by the cumulative total of all volume bars for the periods during which the closing price fell within the vertical range of the histogram bar - stockcharts.com) can be a useful indication of where price feels most 'comfortable'. More specifically, it can be used as a way to determine support and resistance levels.

You can see in this 20 day view of SPY (click left) that price is not very comfortable around 142, signifying overhead resistance at that price. Conversely, based on volume by price (VBP), there is support at 138.5. SPY continues to be range bound yet at a critical level - I'm still mostly on the sidelines waiting for a breakout.



Notice how different things look on SPYs yearly chart.