The rally from the November lows continued last week with new recovery highs being set in every major index. Friday delivered some downside, but even then the selling was muted as buyers stepped in mid-day to provide support with bids just as they did earlier in the week.
Bears have seen their confidence erode and have been quick to cover on even minor weakness of late, yet they’re still pointing to the string of lower highs in place on the daily charts since September. Meanwhile, bulls are suddenly strutting in hopes of a higher low being carved out on the next dip. Someone’s set for disappointment.
As we head into a brand new week of trading, it’s time once again to take a look at the indexes and the key levels they’re dealing with. This is what will impact how individual names move, so it’s where every new trading week begins.
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Jeff White
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