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FSM looks like it might be setting up for a short squeeze here.   The stock has a 50% short float and low float so any movement up will bring quick pain to the bears.  Also stock seems to be basing at 2.60 and broke a short-term downtrend.

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FBP: Broke out of ascending triangle and the breakout level at 6.14 level has held as support.  Watch for a break of 6.25, potential target to 6.40. JMBA: Trendline support holding, short-term resistance at 2.90 with a longer term triangle at 2.90.  Breakout above this level is bullish. DOX: Closed at 36.43 that top of its short-term ascending triangle.  Breakout today could send it to mid 37′s, if it can breakout the 36.75 level.

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OIS has climbed with this market but looks like it might be failing around 101.96.  This has marked the high the last few days and OIS failed at this level yesterday, forming a weak shooting star candle.  OIS also has formed two gaps, one a breakaway which started the upwards movement and now an exhaustion gap which could be marking the top for this stock.  There is also a little parabloic move that has formed but has not been defined yet.  Watch for a break of 100.26, if it does OIS can move to 97.50, and potentially 92.50. Overall OIS is looking very weak and is in a need of a pullback here.  Of course the bearishness of this chart is voided if OIS breaks above 101.96.

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YELP has ripped up about 20% since its gap up on May 1st.  Since then it has not moved much since it made its high on 5/3.  That being said it has been chopping around in a 4%-7% range which is a decent size range.  What YELP has done is consolidated since its move and formed a triangle pattern, which is known as a continuation pattern.  Since we have the triangle forming after a breakout/uptrend, we should focus on YELP breaking this pattern to the upside and continuing its upside movement.  This would mean a break of about 31.50 to be on the safe side.  We can see from the chart that YELP is sitting on the bottom of the triangle and support, so it is a logical bouncing point.  The pattern would be voided if YELP was to drop below 29.74, at the point you are looking to see if YELP can stay above its low at 28.78, but that here nor there.  The way to play this right now is to watch for a breakout of the upside as this is what our chart is telling us could happen.

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All indices reversed off their highs today and closed below resistance.  SPY made a tweezer top, the QQQ’s made a shooting star and DIA failed at resistance.  These charts are looking slightly bearish at this point, not to mention the Piker Indicator is now bearish and pointing to more downside. SPY:  Did something it hasn’t done in 4 days and it close down almost .5%, this is the 2013 equivalent of  the 1987 market crash.  SPY failed to get near its swing high from yesterday at 166.45 but did manage to close above yesterday’s low.  Basically SPY remained inside yesterday’s candle.   The Piker Indicator is now bearish which points to downside for SPY.  If SPY is going to go lower the first level that breaks it 164.91 below that there is little support till it hits 163.76. QQQ:  The Q’s closed pretty much flat today but to be specific it was down .11%.  It failed to stay above the 73.74 level which really solidifies itself as resistance.  Once again it has formed another shooting star candle stick pattern, so far each time it has done this there has been no follow through to the downside.  With a bearish Piker Indicator there is [...]

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NYAD has not participated in this latest rally, failing to make new highs with the market.  This is a little concern for the bulls since they would want to see advancers moving this market up.  The last time this was noticed was on April 2nd, the market dropped a HUGE 1.5%.  Why this isn’t the “OMG ITS A TOP SIGN”.  It should be something to watch, there is a possibility that NYAD can join in the rally which would be a positive sign for the market.  But if it continues to diverge from the market and even get bearish watch out.

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For the rest of the month we will be offering previews of the daily updates that are available at Piker Signals.  Like what you see sign up for a Piker Signals membership. SPY:  After breaking above its resistance yesterday, SPY continued to climb higher as there is little resistance ahead for SPY.  SPY next resistance is at 166.45.  As long as SPY continues to make new highs this market will rally.   The good news for bears on SPY is that now there is very little support between these levels and its support at 163.74, so any selling pressure could bring SPY back down to earth. QQQ:  Tech did not join in the SPY and DIA rallies today, instead it was held in check by yesterday’s resistance at 73.74.  This will be a level to watch going forward, if it can breakout it should make new highs with the overall market.  Support needs to be watched at 73.11 for any downside movement.  DIA was in a similar position a few weeks ago lagging the market only to breakout, so watch and see if tech does the same. DIA:   DIA mirrored SPY today after breaking out its resistance yesterday, making  new high [...]

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PRKR ripped yesterday and broke out above key resistance closing at the High of the Day and above its most recent swing high.  PRKR formed a ascending triangle over the last few months and was able to breakout out above 4.20, once it it this is started ripping yesterday.   With a high short-float this stock can keep going especially if we look at what long-term resistance it broke. Taking a look at a longer-time frame we can see PRKR may be breaking out of long-term resistance and goes back to 2004.  This would be a big breakout and potentially very bullish for this stock.  Any continuation of yesterdays breakout would confirm this.

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SPY:  SPY closed up on Friday, after a nice late day rally out of no where.  Support  162.47-162.42 held today with SPY bouncing at 162.57.   SPY managed to close at another new high but did not test the upper resistance at 163.70 and just barely closing above previous resistance at 163.37.  SPY is in a chop area right now setting a base, so expect more swings like this till either 162.42 is broken or it breaks out above 163.70.  This morning futures are down putting SPY at 162.86, still above support if this weakness is going to start any selling it will need to get below 162.42.  Instead watch for a gap and than fade back upwards to the highs. QQQ:   Q’s closed green after a late day rally. The Q’s failed at its swing high from Thursday making  a high of 73.058, the swing resistance is at 73.10.  The close barely closed green or red and pretty much closed flat today.  The Shooting star candle from Thursday was negated as Q’s did not close below any support and was bullish for the day.  Futures at putting the Q’s right back to the Friday’s open not terrible bearish will [...]

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GMCR has been ripping, its price action moved its RSI to 94 which has only happened 3 other times in the lifetime of this stock.  Each time this occurred there was a correction in the stock ranging from 7% to 16%. On 2/1/07 the RSI was greater than 94, GMCR declined 16% back to its 50 day ema. From 3/27-3/31 the RSI was above 94, GMCR then declined 13% The last time was 10/11/00 back when GMCR was .78 (If only we had a time machine!!!!).  GMCR declined  7%

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