Select Retail Stocks Are Looking Better

Technical Edge — 

• NYSE Breadth: 61% Upside Volume

• Advance/Decline: 61% Advance 

• VIX: ~$20

It’s Opex week and tomorrow we have some Fed speakers following the PPI and Retail Sales reports at 8:30 a.m. ET.

As for the markets, they are quietly getting stronger as the S&P now sits just below resistance. I guess the question becomes: Do we test into the Q4/December highs or does resistance keep us from doing so?

Further, can the S&P break out over the levels if it gets there?

For what it’s worth, I still like Ulta’s setup from Friday. There is another one below, while NKE has been roasting to the upside.

S&P 500 — ES

Right now, the ES is running head-first into downtrend resistance and the declining 50-week moving average. If it can clear these measures, it puts the 4100 level in play, then the Q4 and December high.

On the downside, the 10-week ema is on watch, followed by 3920. 

If we zoom in on the ES, I am looking at the 3960 to 3970 zone as potential support. 

SPY