The S&P is still range bound in a box play, but the pattern is starting to look like a bearish rounded top.
On the TSX you can use the Betapro ETF HOD for maximum effect short oil, and in the U.S. the SCO ETF has similar result. Both gapped up and carved out bullish flags.
The S&P carved out two consecutive hanging men in range bound trade. Until either of the two top blue lines on the SPY chart is broken (box play - see ABX example of box play at bottom of this post), the only way to trade is cautiously selling resistance and buying support.
Oil looks like it may be setting up an ambush.
Gold is in play, with a sharp move lower out of a box play. ABX gapped lower and tried to bounce, but couldn't hold the next blue support line. 
The first chart is the daily EOD Friday. I was looking to short SNDA below the middle blue line around $55.00.
After my entry SNDA printed a doji with long lower shadow, which looked like it wanted to retrace and it did, but it held S1 as resistance and came back down for a fast move to the 50% FE of the late day swing high to the ORL. My target on the second half was eventually reached.
Large cap tech earnings tonight might stall the rally. The first chart is the daily Nasdaq futures, currently printing a bearish stick for the day.
The nice thing about mapping out all the support/resistance levels on your favorite stocks, is that you can quickly visualize the perfect entry when price consolidates at or near a previous S/R zone. Also, if you miss the perfect entry, you can gauge whether or not to jump in midway, depending on the profit potential to the next S/R level.
I hadn't planned on trading EBAY, but when it carved out a C&H pattern with NRIB (NR7) as the trigger, I couldn't resist. The pattern failed and I was stopped out. Why?
Well, if we look at the 24 hour chart with the pre-market action, we note that price reversed after topping out at exactly the same price level where the C&H pattern attempted to BO (blue line). I was too rushed on this trade and didn't take the time to look at the price action in pre-market. Important to review PM price action especially for gap trades.
A slower start on some mixed earnings, but midday the S&P and Nasdaq carved out new highs. The DOW didn't confirm and the markets reversed. But despite the afternoon retracement, the Nasdaq managed its 11th consecutive higher close.
SPY trade - long on break of triangle. Exit at shooting star when price fails to hold $96.00 whole $ level. Short the double top.
GRMN was a HCPG pick from last night's newsletter. Look at the daily and see narrow range consolidation ahead of expansion. The actual trigger was $25.00, but I missed it and waited for price to pause. It's always best to wait for price and the 5 period ema to come into play if you miss the actual BO in early trade.
MOS - bear flag break. I was holding out for an inverse C&H, but MOS didn't want. I guess earnings AH had a lot to do with it.
The advance stalled when the S&P tested it's June peak. The combination of extended technicals and disappointing outlook from CAT's conference call, and the Fed Chair's outlook for a slow recovery, led to a steady but only modest slide into early afternoon trade. However, no follow through developed with the S&P stabilizing near congestion and bouncing into the close allowing the markets to extend their winning streaks (Nasdaq up 10 in a row) and all majors setting new multi-month closing highs). But the SPY carved out a red hanging man and the S&P a green one. Haning man has to be confirmed.
The H&S top in POT which I described last night was broken on the open when price gapped and tested Friday's highs. However, sellers fought back. A bull/bear battle ensued. The initial price action was like a yoyo with wide spikes up and down, but the bears had the advantage as measured by lower highs. Eventually, we reached price/volume contraction and a bearish rounded pattern took shape, leading to expansion on the down side.
MOS forming H&S top intraday at $48.00
HCPG were on fire today. I managed to get in on two of their picks from yesterday's newsletter - SNDA and FFIV. It's a good thing these didn't break until the afternoon, because I was going into the session bearish given that the markets were so extended.
POT is on my bearish list because it's in such a weak uptrend in a bullish market. I shorted it when it formed a bearish topping pattern early in the session. It could be forming a bearish H&S top intraday, so I would be looking for a short if it breaks the base at the blue line. If you're trading the Canadian TSX POT, that's roughly equivalent to $100 CAD.
AAPL gapped up and rallied for the first hour, then consolidated the move with a shallow, rounded retracement, which ultimately formed a C&H base with NR7 (NRIB) as the trigger. Enter long on break of base or outside bar (OB). Use the OB as your stop. Since this is a chart pattern, we place our fibs from the low to the high or base of the pattern. On a measured move basis, the expectation is a 100% move.
INTC retraced into the r-zone of the last leg up (previous day) and managed to close back above MAs for another extension of the earnings gap. I closed the position when it printed a red star. The thing about slow moving, low priced stocks, is not giving too much back.
SPY formed a symmetrical triangle (usually a continuation pattern) and rallied. 
Market is overbought. GOOG earnings beat by $0.27 but investors dumped the stock, which gave up the day's gains in after hours trade. IBM fared better, but the stock is really extended.
The bearish H&S top on the S&P has been invalidated with today's advance as we just edged and closed above the right shoulder. Institutional buying was in play today.Tech bellwether (INTC) reported better than expected earnings and guided revenue higher thus igniting early strength. $USD weakness helped the energy/commodity complex. GS and BIDU staged technical breakouts.
GS staged a technical breakout on good volume as we can see on the daily timeframe above.
The SPY gapped up and broke quickly, but I waited for the 5 ema to catch up to price before jumping in. Price extended 50% from PDL to ORH.
Yesterday we said that POT had to break above the capitulation base (blue line) before we would contemplate a long entry. Today it gapped into the base and the initial candlestick action was very similar to yesterday, but eventually, it carved out a mini C&H pattern. Here again, we are looking for a measured pattern move of 100%, so place fibs from low to high of C&H pattern and exit at target unless it forms a bearish reversal pattern along the way.
Lots of charts formed C&H patterns yesterday, but gapped up too high today and ruined the setup. APOL gapped, but eventually formed a narrow range base, from which to get long.
POT is still weak after last week's drubbing. I'm looking for a base to form in the area where it capitulated on Friday - blue horizontal line. In early trade, POT made a move towards the base, but failed, so I shorted it.
