Top Five for May 7

The corrective price action continued today and the market again sold off with both the S&P and Nasdaq playing downside catch up with the Russell.

The Russell has led to the downside for almost a week now and sellers seemed to become exhausted today. This resulted in a late day oversold bounce enabling the Russell to be the only major index to finish with a small gain for the day.

The market could very likely be on the verge of a bigger oversold bounce and this is something we should watch for tomorrow.

CDXS - Controlled pullback to support and a bounce off the 50dma, expecting continuation toward 5

CELG - Overall in a long and toppy pattern but could be ready for a bounce off support at 200dma and toward resistance in the 115 area

CRTO - Great relative strength this entire week, seems to be getting ready for a breakout to new highs

FB - Sloppy and deep pullback to support at the rising 200dma, will be watching for a bounce toward 80

OZRK - Financial stocks continue to show good relative strength and this one is no exception, constructive bull flag and today's bounce off 20dma and 39 indicate it could be getting ready for a push toward 41

Posted to Tactical Alpha on May 06, 2015 — 6:05 PM

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