3/3 Watchlist

Every time I look at the blue chips chart today, my brain just swings into a rendition of the itsy bitsy spider song. You know the one, "Itsy bitsy spider, climbed up the water spout".

Today's SPY candlestick looks like an itsy bitsy spider hanging by a silken thread from the 78.6% Fibonacci retracement line.

Of course, we all remember the next line of the song: "Down came the rain, and washed the spider out," no doubt at least to the 61.8% retracement level.

Who'd'a thought that Fibonacci retracements could be applied to spider analysis.

(No, wait, SPY is SPiDeRs. Duh.) SPY bumped up a bit past the 78.6% Fib line before dropping back. The euro is showing psar  and pps bull signals against the dollar (EUR/USD), ending a nine-trading-day bear streak for both indicators. The macd, which has stayed in bull mode since Feb. 16 (with the exception of a single day), remains bullish. The sto is moving into overbought territory. The dollar continues to fall against the Japanese yen (USD/JPY) for the eighth trading day (with a one day counter-trend rise). Long-term Treasury bonds (TLT) are trading down but within yesterday's range, with a newly pps bear signal. Falling bond prices mean an expectation of rising interest rates. TLT at its low so far today was trading 1.5% below its last high, recorded on Feb. 26.

Smart trading happens first in the head. Ari Kiev delves into the mental strategies of the big guns of the trading world.

Oil (USO) continues to show a pps bull signal within a long-running psar and macd bull period. Trading is within yesterday's range.

The watchlist.

Psar bull signal (the new signal in my analyses):

• AMZN, analysis. No breakout.
• EWT, analysis. No breakout.
• GDX, analysis. Has broken above resistance at $46.
• HAL, analysis. Slightly pierced resistance at $32.15 and then dropped back.
• MGM, analysis. No breakout. 

Macd bull signal:

• AOD, analysis. Paused the day after breakout.
• BSX, analysis. No breakout.
• WFC, analysis. Set a new high for the third day in a row but then pulled back to within yesterday's range.

Money-flow index overbought (bear signal):

• TXN, analyses 1, 2. No breakout

Abbreviations:
pps - Person's Proprietary Signal
ma20 - 20-day moving average
macd - Moving Average Convergence-Divergence
mfi - Money Flow Index
sto - Fast Stochastic

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Topics:
S&P 500, SPDR, Spiders, Treasury bonds, Alpine Total Dynamic Dividend fund, Amazon amazon.com books, Boston Scientific medical devices health, Cisco networking, Taiwan, Ford Motor automotive, gold miners, Halliburton oilfield services, MGM Mirage gaming casino resort, Semiconductor HOLDR, Texas Instruments semiconductors, Wells Fargo bank financial.