Nice reversal bar on Friday for the SPX.  It bounced off of support at 2650 and traded back up to 2700.  This is an important level for the SPX at 2700 as it is solid overhead resistance. Thrugh that and then 2736 where the 50 period m.a. is.   If it fails there we need to hold the 2650 level.  NDX made a double top after a 100% retracement from the spike low.  But the NDX reversed on Friday as well.  The transportation index reversed on Friday as well, but the Tranny chart is looking much weaker.  It needs to hold this level so as not to give divergence to the rest of the market.  

The Russell 2000 also had a large reversal day on Friday and is trading mid range.  And like the rest of the indices it has made a V bottom with a right hand extension.  That generally is a bullish pattern.

But it is not surprising that the indices ar eback near their highs with the major components as strong as they are.  For example, AAPL, BKNG, NFLX MSFT, INTC and AMZN all made (or came very close) to new all time highs after the big sell off.  GOOG, FB, ISRG, and BIDU are not quite as strong but have made a V bottom with a right hand extension.  

Biotechs (LABU) had a huge reversal day on Friday, making an 11 point move closing right at the top.  If LABU can get through $100 then we should see it back at $115.    

Semiconductors (SMH) after the big sell off retraced to nominal new all time highs and now appears to be consolidating.  It looks to be (like most of the indices) a bullish V bottom with a right hand extension.  

On the other hand, the financials, (FAS) are signalling weakness to the market.  It looks to be forming wave 3 to the downside of a 5 wave pattern.  It needs to hold $64 or we are looking at a retest of $57.00.  

Oil (USO) is in an up trending channel but has made a 5 wave move.  The 5th wave consolidation is not as reliable and it is near the bottom of the channel.  The next few days should give us some direction.

Gold (GLD) after making a triple top at the $129 level is now at support.  It needs to hold 124 or we could see a pull back to the 120 range.  But the miners (NGUT and JNUG) are flat or weak so there is a divergence between the commodity and gold miners.

CBAY: Huge engulfing bar on Friday and the stock is right at the all time highs.  It is forming a nice consolidation pattern in here and I would say it looks to go higher.  I would look to go long over $15.50 with $19.00 as my next price target.  

CBIO: Such a powerful chart as the stock but is now wedging.  It needs to break through $30.00 and if it does then $40.00 and $50.00 would be targets.  It needs to hold under $25.00 and then $20.00.

CLVS: Stock has come down from $100 area and like most stocks in the sell off spiked down and then reversed.  It is at the descending tops line and had a nice reversal day on Friday.  If it can get through the down trending line I am looking for $65.00 and then $68.00.  Short ratio, 5.3 days to cover.

CNAT: Nice pop on Friday trading up to resistance at $6.30 and closing at $6.12.  If it can get through $6.30 then $7.00 and $9.00 are price targets.  Short ratio 7.5 days to cover.

CRSP: Huge reversal day on Friday with a massive engulfing bar.  It traded up to the all time high at $51.00 and closed at $50.02.  It is in a strong up trending channel and bounced off the bottom of the channel.  I would look to go long over $51.00 with $55.00, $60.00 and $70.00 as price targets.  Short ratio, 3.7 days to cover.

CTMX: Big gap on on Friday breaking out of the consolidation pattern trading as high as $33.50 and closing at $33.22.  Very powerful chart.  I would look to go long on the move above Friday's high with the top of the channel at $37.00 as the price target.  Short ratio, 3.9 days to cover.

ECYT: After a big pop last year from $1.50 to $6.50 the stock has been consolidating.  In the last month it has made a strong move up back to lateral resistance.  On Friday it got to the resistance and closed at $6.50.  If it can pop above this high then $9.00 is the next price target.  

ENPH: Stock has come from $.75 in a 4 wave move and looks to be starting the 5th wave.  It traded up to lateral resistance on Friday to $3.48 closing at $3.43.  If it doesn't double top and the 5th wave is actually under way then $4.75 and $6.00 are price targets.  Short ratio, 8.2 days to cover.

ETSY: Stock has been in a rising channel but recently broke out of that channel and through lateral resistance.  After a big pop it has been consolidating for the last few days.  Over $26.25 and I would look for $28.00 and then $30.00.  Short ratio, 3.5 days to cover.

FATE:  Just traded through its all time high in a strong up trending channel.  It is at the top of the channel so may need to consolidate.  But if this acceleration continues I would look for $15.00 and $20.00.  Short ratio, 4.6 days to cover.

NTNX: Big pop on big volume on Friday.  The stock is right at lateral resistance.  Over $39.00 and I think we will see $45.00.  Short ratio 4.9 days to cover.

QURE: Nice pop on Friday to the top of the flag and resistance.  It needs to trade through $26.80 with price target $32.00.

RPD: Stock is trading right near its all time high.  It traded as high as $27.01 on Friday closing at $26.95.  Through $27.50 and we could see $30.00 and $35.00.  Short ratio, 4.8 days to cover.