Markets seem content biding their time before Fridays job report. Both The Nasdaq and S&P 500 finished up today, and are currently both up near 2% for the week. Pretty solid action which of course be interrupted tomorrow by a volatile reaction to the employment reading before the open tomorrow. Despite the quiet mood today, more breakouts occurred, supporting the ongoing bullish theme. HON took out a 3 week tight trigger of 71.53, SWN a flat base pivot of 36.79, and SAVE a 23.23 cup base trigger. Guess that 9/14 plunge of 16% SAVE had after announcing new baggage fees has been forgiven. Among other stocks that must be monitored are INTU, which today just missed being up 8 consecutive days. Its at an all time high, and after last weeks 3.6% weekly advance, its already tacked on another 4% this week thus far. Earnings stories today that may shed some light on our current economic circumstances was PETM. The stock lost 6.5% today after earnings, and the chart revealed problems since 1/28 when the stock plunged 9%. From the day going forward the stock encountered resistance at both its 50 and 200 day SMAs. You know when families start pinching pennies on their beloved pets something fishy is going on, pun intended.
This article requires a Chartsmarter membership. Please click here to join.