Good evening StockBandits!
As mentioned here last night, the NAZ was on the verge of a breakout and today we got one. It’s only a single day, but prices lifted with emphasis. Volume was better than it has been in a week, and we saw a close at the high of the session with a 1.1% rally in tech land.
To be completely fair here, it is only a single day and it is only a single index which has broken out. But, it is a start, and leadership needed to emerge from somewhere. Today’s rally left the S&P 500, RUT and DJIA each within reach of their respective highs as well, so we could quite feasibly see those averages join in the new-highs parade ahead of the weekend.
There are a lot of names on my Bullish watchlist (linked below the video) and very few on the Bearish watchlist tonight, so the stage is set for the bulls to continue their domination if they want it. We are still in a one-day-at-a-time environment, which is to say there is cause for new-highs hope but unanimous breakouts will eventually be needed to validate that hope.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
