TheStockBandit.com

Stocks continued to ramp last week since turning up from the mid-April low, packing a serious punch to the bears after a Wednesday pullback with back-to-back triple-digit gains on Thursday and Friday.

As we head into a new week of trading, it’s time once again to take a look at the indexes and the key levels they’re dealing with. This will impact how individual names move, so it’s where every new trading week begins.

NAZ – The NAZ just added 9% in about 3 weeks, which simply isn’t a sustainable pace.  Nonetheless, the bulls remain in charge here and there’s no reason to become bearish even if a short-term pause is becoming overdue.

Why I Use TC2000

 

SP500 – The S&P continues to grind higher since its breakout two weeks ago through 1597 resistance.  It has some breathing room here to potentially pull back on profit-taking and perhaps still hold the 1597 level.  Either way, a higher low looks likely on the next pullback after this 100-point advance.  Based on the height of the rectangle pattern it just broke out from, this index could see a measured move up to the 1665 area.  At this pace, it wouldn’t take long either.

Why I Use TC2000

 

RUT – The RUT closed at a new all-time high on Friday and now stands 21 points above the breakout zone.  That allows for some room should profit-taking kick in, although the last pullback low is now nearly 80 points away.  A measured move from the rectangle pattern takes this index up to 1015, although pauses along the way could make that an easier accomplishment.

Why I Use TC2000

 

DJIA – The DJIA keeps easing higher since its breakout and still has room to fulfill a measured move to the 15380 area based on the height of the rectangle pattern it just left behind.

Why I Use TC2000

 

Take a trial to our Stock Pick Service to get our trades.

Trade Like a Bandit!

Jeff White

Follow @TheStockBandit

Stocks continued to ramp last week since turning up from the mid-April low, packing a serious punch to the bears after a Wednesday pullback with back-t0-back triple-digit gains on Thursday and Friday.

As we head into a new week of trading, it’s time once again to take a look at the indexes and the key levels they’re dealing with. This will impact how individual names move, so it’s where every new trading week begins.

Hit the gear icon on the player to select HD and then go full-screen for best quality.

Run time is 5:56.

Trade Like a Bandit!

Jeff White
Take a trial to our Stock Pick Service to get our trades.

Follow @TheStockBandit