Good evening StockBandits!
With the arrival of a new month, perhaps the market is trying to sport a new look. Today kicked off March trading, and it was a solid session for the bulls as they attempted to leave behind the recent indecision and paint some slightly longer bars. We had a mid-day hiccup or two, but bookend rallies resulted in advances across the board.
Of particular note were the new highs in the NAZ, RUT and DJIA. The S&P didn’t quite clear last week’s intraday high, although it still ended up posting a new all-time high on a closing basis. The final hour saw steady buying, and it looks once again to be the bulls’ game to lose. They’ve created breakouts, held above them, and now are trying to motor higher. Nothing but blue sky ahead, so it’ll just be a question of momentum.
With today’s return of strength, my bullish watch list saw some expansion. With so many stocks turning back up after short-term rests, trying to decide between them is really a matter of pattern quality, as well as price’s proximity to upper trend lines. There’s never a sure bet, but that’s how I gauge which stocks look ready to go now vs. which stocks may need more time.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
