Markets went on a mini roller coaster ride Monday, as benchmarks quickly turned south after a positive start. The S&P 500 managed to escape a bearish outside day, that the Nasdaq could not. The moderately bearish session could not prevent a few handsome breakouts today however. V charged, pun intended, past a 162.87 flat base trigger, SPLK took out a 39.60 cup with handle pivot point, and LL NXST both broke through 3 week tight triggers of 68.38, and 17.60 respectively. It is always important to watch the behavior of recent breakouts, not just for those particular stocks, but for the market in general. Taking pulse of that today yielded mixed results. While AZN displayed solid action all day long following Fridays 48.32 flat base trigger, ODFL displayed some loose trade today following its 37.89 cup with handle breakout from Friday. LEN has gone basically nowhere since its 43.32 flat base trigger breakout on 3/20. Some stocks in the building group witnessed some hard times today, most notably OC USG falling precipitously. The group has done a lot of the heavy lifting during this market climb, and weakness in it should be monitored closely. One trade that is popping up on my screen is the weakness in the Euro. A stern 200 day SMA test lies just above. If that can be pierced to the upside then a double bottom pivot point 0f 20.72 looks ripe for the taking.
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