SPX has turned bullish in all time frames. Yesterday's good news gave bulls ammunition for pushing SPX above the resistance level around 1,420. With this level cleared SPX is pushing towards 2007 peak around 1,550. Nasdaq has already passed the 2007 level and Dow is also getting close to its 2007 peak.
Weekly chart shows SPX above both rising SMA 50 and SMA 200 and a clear higher high. DMI is rising again and remains on green.
Daily chart shows SPX clearing the 1,420 level as I mentioned above. SPX needs now to consolidate above 1,420 for this level to become a support zone in the future.
Meanwhile the 2 hours chart shows SPX above both EMAs that are rising once again and above rising SMA 120.
Not too much remains to be said about SPX, all time frames are bullish and more bullishness is expected.
Metals and mining stocks moved very powerful today with CLF and MTL rising not less than 15%. X, AKS, WLT also moved 7-8% today. Technically, all these stocks look awful but if you want to take a risk and invest at a good price maybe you should think about.
Personally, I avoid individual stocks, I consider them very risky compared to index ETFs but I know many people disagreeing with me. If you want to risk very little you can choose two stocks from the same industry and go long with the stock you like and go short with the one you don't like (say MTL and WLT). If you are right you will have a small profit. If you're wrong you'll have a small loss. this strategy works well for extremely cautions people.
After screening a few hundreds stocks I came out with this list of stocks that look to me as good buys and a few that I think need to be shorted. I don't own any of these stocks.
I am neutral on HOG, on one hand we have a very strong multi-year uptrend line that makes the stock jumping up every time is touched, on the other hand we have a "death cross" and a weekly DMI on red.
Three stocks that after an excellent run look "tired", MCD, ORLY and PCP.
There are many other stocks out there that look good technically. I may complete the list in a following post if are really interested in purchasing individual stocks. Please let me know.
All the best!