Markets enjoyed very modest gains Thursday as both the Nasdaq and S&P 500 rose fractionally. Both of them have rose everyday this week and both stopped today near the big round numbers of 3300 and 1600 respectively. Breakouts were mixed as we witnessed the continued strength in casual dining stocks as JACK took out a 3 week tight trigger of 35.22. PNRA MCD BLMN CAKE have all relished, pun intended, recent breakouts. SODA, for all intents and purposes took out a flat base trigger of 54.09 (finished a couple of pennies below). ZMH, however reversed after taking out a 76.85 flat base trigger intraday, only to close south of it. Some retreated after coming so very close to breaking out from triggers, validating the confirmation thesis. They included TGT coming within .03 to taking out a 69.94 3 week tight trigger, and OXY .06 from a 84.80 double bottom pivot point. Interesting will be the 800 lb tech gorilla GOOG, as it readies itself for a 50 day SMA resistance test to the upside, of all numbers, 800.

This article requires a Chartsmarter membership. Please click here to join.