Markets once again displayed bullish traits, overcoming early weakness to close not to far from its highs for the session. The Nasdaq once again outperformed the S&P 500, and is lagging it by just 2 percentage points YTD. The S&P 500 continues to flirt with its big 1600 round handle, and would not be surprised with a pop above it this week. Look for a close above it. Its been rebuffed 3 times this month thus far. Some breakouts were recorded today which is essential to the health of an ongoing rally. Today they were recorded from RL which took out a 180.00 flat base trigger, and FIS which took out a 3 week tight trigger of 41.35. Some stocks are stubbornly holding bullish gap ups which is a good sign including HAS AKAM. Putting world indexes into perspective with our own S&P 500’s 12% and Nasdaq’s 10% YTD gains, many world markets are in corrections of their own. World indexes lower by the 10% threshold include South Africa, Russia, and South Korea. One I am eyeing and ready to pounce on will be EWW. Up slightly on the year I will look to enter on a reclaim of its 50 day SMA with a buy stop of 72.85.
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