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The Bulls Are Getting Stronger 05.23.14 The bulls emerged victorious on Wall Street as they not only quelled the bearish pressure but also set the bullish stage for a very strong breakout. At its deepest this year, the S&P 500 only fell -6% below its record high which is impressive. In fact, we have not had a 10%…
The market remains resilient as it simply refuses to go down. Longstanding readers of this column know that we prefer to focus more on how the market reacts to the news than the news itself. That said, the bears had all the possible ammunition to send stocks plunging on Tuesday and the fact that they did not (or could not), speaks volumes. In addition, the market remains strong since it has barely “corrected” and continues consolidating its recent move just below resistance. The bulls deserve the bullish benefit of the doubt until one of the major averages trades, and closes, below its respective 50 day moving average line.
Friday, September 17, 2010 stock market commentary. Overall, the action since this rally was confirmed on the September 1, 2010 follow-through day (FTD) remains healthy. Looking forward, the window is now open for disciplined investors to begin carefully buying high-ranked stocks again. It was encouraging to see a flurry of high-ranked leaders trigger fresh technical buy signals and break out of sound bases in recent weeks. All the major averages rallied and managed to stay above their respective 200-day moving average (DMA) lines this week, which is another encouraging sign. The next important resistance level the major averages are facing is their respective summer highs
Wild Week On Wall Street It was a historic and very wild week on Wall Street with record point moves (up and down) almost everyday of the week. Typically, massive sell-offs do not recover overnight. Additionally, massive selloffs followed by record volatility leads to lower, not higher prices – especially when they occur in aging bull…
Market Outlook- Market In A Correction:
The market is back in a correction after another failed follow-through day on Tuesday, June 21, 2011. Now that we are back in a correction, defense remains the best offense. The next level of support for the major averages is their respective 200 DMA lines and then their March lows. The next level of resistance for the major averages is their respective 50 DMA lines. Trade accordingly.
For those of you that are interested, the S&P 500 hit a new 2011 high on May 2, 2011. Two days later, on Wednesday, May 4, 2011, we turned cautious and said “The Rally Was Under Pressure” (read here). Then on Monday, 5.23.11, we changed our outlook to “Market In A Correction” (read here). On Monday, June 6, 2011 we pointed out that the S&P 500 violated its 9-month upward trendline (read here) and reiterated our cautious stance. On June 21, 2011 we changed our Market Outlook to a “Confirmed Rally” after the latest FTD was produced. Two days later, on Thursday, June 23, 2011, our outlook changed to “Market In A Correction”after the market sold off hard on renewed economic woes. If you are looking for specific help navigating this market, please contact us for more information.
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Stocks Resilient After Crummy Jobs Report Stocks opened lower but closed near their highs after the jobs report disappointed and missed estimates by a rather large margin. We have seen this pattern all week, (open lower and close near the highs) which is a subtle but important sign of strength. The Labor Department said U.S….