Volatile day on the market in what was a boring directionless week.
The Trump speech affected strongly the biotech sector while leaving the others quite untouched.

During the Trump speech the SPY went down sharply but quickly recovered showing signs of support and possible trend continuation this week or the next.

Some sectors that I consider to be showing BULLISH setups are:

• Oil (USO, OAS, WLL,  RIG, XES): Oil made sharp moves to the downside at the beginning of the week, but oil futures printed a bullish engulfing candle today and plenty of oil related stock moved to the upside response. Many of this stocks are also showing flag & consolidation patterns; maybe this move in oil will cause a break to the upside.


• Steel & Metals(XME, CLF, SLX, MT, FCX, AA): Also moving up today after making pullback/flag patterns. The pullback and trend continuation looks very clear on the weekly charts.


• Basic Materials(XLB, MOS, POT, FMC): Basic materials also moving and showing trend continuation in the weekly charts, Agricultural and Chem stocks showing bullish patterns.

Some sectors that I consider to be showing BEARISH setups are:

•  Biotech (IBB, XBI): After a sharp move to the upside the last few days, biotechs got hit hard after Trump's comments. Altough it might become a good buy opportunity if it pulls back to the 50 or 200 SMA