Off the Charts

The S&P 500 closed the day up 0.11%, while the Nasdaq closed down 0.23%. It was an inside day in the S&P today, contained within yesterday's range. The 200-day moving average continues to be resistance in the market ahead of the Euro summit this Thursday and Friday. A break and close above 1264 to 1266 should ignite a round of short covering and performance chasing into the new year. This market is frustrating a lot of traders right now as there has not been a lot of directional intra-day action. Traders will be keeping a close eye on the aforementioned summit, which is expected to include a renegotiation of the Euro treaty. S&P 500 Source: eSignal View Chart » Financials continue to hold in well after last week's powerful rally. Goldman Sachs (GS) closed the day up 1.34%. This stock is holding higher and creating a bull flag that should lead to another move higher. Look for GS to trade above $102.10-$102.50. A quick target is up to $105. GS Source: eSignal View Chart » A crop report is due out this Thursday (Dec. 8), which could sway this group one way or another. Market Vectors Agribusiness ETF (MOO) closed the day up 0.84%. This Agriculture ETF is holding higher and has a tight five-day range that should resolve soon. The first entry is a move above $49.60 before it runs into bigger resistance of the long-term downtrend line at $51.50-$52. MOO Source: eSignal View Chart » Commodity stocks are holding strong, and there are many stocks in this area with solid chart patterns. EOG Source: eSignal View Chart » Oasis Petroleum (OAS) closed the day up 1.63%. This stock is in the Oil & Gas Drilling & Exploration and the sector is performing well. OAS is trading close to 52-week highs and has a solid chart pattern. The first entry is above the upper flag at $31.50 with a momentum add through highs of $33. OAS Source: eSignal View Chart » Range Resources (RRC) closed the day up 0.16%. RRC is in the basic materials sector and specializes in Independent Oil and Gas. This stock is trading near highs. Keep this stock on the radar for a move soon RRC Source: eSignal View Chart » Rosetta Resources (ROSE) is an independent oil and gas stock with a solid chart pattern. This stock broke out of the wedge last week and has been consolidating higher since. Look for a resolution out of this range above $54.50. ROSE Source: eSignal View Chart » Precious Metals rallied higher this afternoon to close the day on highs. There are a couple of mining stocks with constructive chart patterns. Coeur d'Alene Mines (CDE) is a silver mining stock that has been stuck in a multi-month range since May 2011. Can this stock break out above $30? CDE closed the day up 1.69%. CDE Source: eSignal View Chart » Royal Gold (RGLD) is a gold mining stock that is trading near 52-week highs. This stock has a solid chart pattern as it has been making higher highs recently and looks ready to break out above $82. RGLD closed the day up 2.09 RGLD Source: eSignal View Chart » Now, here are a couple of off-the-beaten path stocks that we don't look at often; they all have solid chart patterns. Hansen Natural (HANS) is a consumer goods stock specializing in soft drinks. HANS closed the day up 1.57%. This stock has been in a multi-month that could resolve soon. Look for a successful breakout above $96-$97. HANS Source: eSignal View Chart » Citrix Systems (CTXS) is a technology company within the cloud computing sector. This stock has been holding in well and looks ready for a move above the downtrend line at $75. Keep this on the radar, if the market continues higher. CTXS Source: eSignal View Chart »

Off the Charts

Watch the Euro summit later this week, which is expected to include a renegotiation of the Euro treaty.

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