Markets started the week in the red with the Nasdaq taking the brunt of the hit. The tech heavy index lost almost 1% Monday, and the benchmarks rests roughly 1% from a 50 day SMA test of its own. Action among leading stocks was mixed. We did record some valid breakouts in spite of the somber session. TAP took out a 49.39 3 week tight trigger on more than 2X average daily volume. It did so on GS upgrade this morning. I prefer breakouts to work on their own merit, not accompanied by an upgrade, but the move must be respected. GME registered its own breakout taking out a 28.45 flat base pivot point. TRIP, encountered turbulence, pun intended, had a big reversal after briefly taking out a 3 week tight trigger of 53.83. That is why I demand a breakout to CLOSE above its trigger entry. ONXX flirted with a 89.61 double bottom with handle trigger, and closed just below it. Volume was soft. CP fell close to 3%, following Thursdays 128.90 3 week tight trigger breakout. Remember the best breakouts will work out right away, so a move like this should have those who are in the stock, tightening the screws on their stops.
This article requires a Chartsmarter membership. Please click here to join.