Good evening StockBandits!
Today the NAZ broke out to a new 52-week high, joining the RUT to make it a 2-on-2 game. The S&P 500 briefly painted a new all-time high, but closed inside its range, so a breakout there remains elusive. And the DJIA is still caught in its range, although it edged higher again today. Basically, it wouldn’t take much at all to produce across-the-board breakouts at this point, but it’s as if the red light has turned yellow, potentially on the way to green.
It wasn’t a particularly powerful day, as the early action was choppy and late in the day we saw some selling ahead of the bell, with mid-day strength being the deciding factor. Nonetheless, the bulls had a chance to shy away once again from upper resistance, but elected not to. There’s room for much more strength and enthusiasm to emerge, so at this point it’s the bulls’ call to make.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
