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hey traders this is Ron heat at market tamer happy Thursday hope you're having a fantastic day should alway the spine tacking on another buck 71 today I do have a long term position in the spy the chart remains bullish we held the 20-day EMA volume not bad today and the all-time high just from basically a couple weeks ago on August 29th at closing high is 291 48 we're not that far away at all at this point another may be 80 cents or so now all the diamonds they still lag they are not at new all-time highs if I go ahead and zoom in actually sorry let me zoom out to show you there's the all-time high back on the 26th of January it closed that to 62 58 but we're about 80 cents away so we are getting close finally the IWM which is the russell 2000 was actually only up all the housing for cents today so we didn't gap higher but these guys pullback pretty much finishing the day unchanged overall the markets remain bullish let's take a look at something different SunTrust banks ticker symbol STI big volume the past two days and boy did this thing get shellacked umm SunTrust is a low beta type stock doesn't move a whole lot you can see it's like a massive doji festival for the past month and a half but geez yesterday lost couple bucks today it dropped almost 5% and we're getting back into this trading range which is where we finally broke out of the middle of last month so you can make an argument that we're getting back inside this this trading range and I've talked to you before about you know stocks breakout they might come back and back test the breakout point before they launch higher but this is a little different notice how when we came down we didn't back test we went right into it we even closed above the 50-day SMA in orange now we had a gap lower no attempt at a rally closed down below the 200-day SMA I would not consider this box as a high probability play anymore like oh we're just gonna go there and hang out maybe we do no one knows for sure right but given how quickly we've come down I would want to put alerts around 65 bucks if I was trading SunTrust because we get below 65 the next major support level arguably is all the way down the mid 50s and that's significant that could be 10 bucks 15% lower so just keep an eye on STI right now definitely bearish on the daily charts volume em was double what it was yesterday and we finished at the lows here is AMD and the stock has been really really bullish ever since it got back at my moving averages but today gapped higher and closed the lows the day down 5% big volumes definitely some distribution up there but we held the five-day EMA if this thing would have another down day tomorrow you know a couple percent let's say at least 2% big volume this also might be a short-term top here on AMD as of right now daily chart remains bullish but that kind of volume is a little bit of a yellow flag this heads-up this ticker Stumbo is HEA are here it's turtlebeach and they've gone through you know some weird stock splits and stuff like that reverses but my point is this if i zoom in from here you can see how the stocks been basically getting close to moving averages balancing right now we get below one or two we try to get up and then we fall right back down try to come up and now rolling over again there is some consolidation right in here around 1750 but then there's a gap fill all the way down in the single digits this would be also another sign of a stop rolling over and no longer following higher highs higher lows now we're setting lower highs lower lows over the near term how about General Mills G is the company has earnings coming up my mouse over it right around the 18th it's about five days from now give or take so I bring up a calendar here you're looking at basically Tuesday of next week the stock is slowly gotten above moving averages it did dip below it here but we're basically staying on the top side of the orange line but then we have the 200-day moving average which is another institutional average sort of compressing us from the top side so we're stuck in between here with earnings if we get a gap up and hopefully it's not too big like the Walmart situation that could set us up for 55 maybe even 58 59 as upside target so I'll keep an eye on that one and then Raytheon compression just stays here but we had two little updates nice little pop today over a percent again I want to see again above that 203 area then we come back to those highs right around you know 213 would be the target so keep an eye on our TN that is it for tonight have yourself a fantastic Friday and a great weekend ahead I look forward to seeing you in the weekend video take care
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