Good evening StockBandits!
The bulls apparently are feeling pretty secure right now, having come to the aid of stocks in the midst of pullback mode last week to place bids and produce at least a short-term turnaround. It hasn’t been smooth, as Friday looked to be a bit of a hiccup, but it has found some follow through with today’s continued lift off last week’s lows.
The gap-and-go move today gave the bulls plenty to smile about, not only from a point-gain perspective but also in terms of the distance from current prices to last week’s lows. That offers a little bit of breathing room, which shouldn’t be ignored. Further, the small caps are on the verge of another new all-time high, having closed tonight less than 3 points from the previous best close.
On Wednesday we have the FOMC announcement and the press conference, which certainly could shake things up a bit. But judging by today’s action, the bulls aren’t real concerned and each day above last week’s support will add to the validity of a higher low on the daily charts.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
