Good evening StockBandits!
The bulls closed out last week with 1-3% gains across the board. It was a solid performance, and one to be proud of. Even more noteworthy was the fact that we saw new highs painted in 3 of the 4 averages, with the DJIA being the only holdout. The NAZ reached a new 14-year high, while the S&P 500 and RUT each put up new all-time highs.
While it was certainly good for the bulls, it stopped short of great. I say that because Friday’s action, although positive, didn’t quite produce that blow-the-doors-off move that seemed somewhat probable after a multi-month trading range.
I’m not suggesting that it was ominous, because it’s new highs we’re talking about. However, it left a little something to be desired in the way of momentum for the initial breakout move, although the chapter is still being written. We could indeed see momentum follow up the breakout in this holiday-shortened week, so I’m sure not writing it off yet.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
