Good evening StockBandits!
It’s tax day, but for the bulls, that’s not nearly the biggest thing going on. For them, it’s the fact that stocks firmed up today across the board to create widespread breakout opportunities. Since the February breakouts, we’ve seen the market struggle to make lasting headway as new highs were hit, only to quickly be followed by selling. The strength couldn’t inspire more buying, it just got used for raising cash.
But after today, the mundane, lateral move may finally be in jeopardy. The major averages are again knocking on the door of the top end of their respective ranges, and the bulls are simply wondering: is the door locked? Should we happen to see fresh new highs established in the days ahead, it may finally lead to some better upside momentum. The RUT punched through today, but the others are now well within reach of their 52-week highs and that spells opportunity for someone.
My biggest question is: have the bulls learned their lesson? After all, they’ve created new highs in recent months, they just haven’t capitalized on those opportunities to press their technical edge. Tonight, they’re facing an opportunity to carve out a different story, and we could see it happen as soon as tomorrow.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
