Markets lost altitude throughout Mondays session, but in the last hour benchmarks rose and closed up, but off early highs. Apprehension surrounding the Feds 2 day meeting tomorrow, added to volatility, but markets have been somewhat erratic since late last month. Today saw some action in former leaders continue their descent. LULU fell another 2%, following last weeks 19% debacle. ARMH, which as recently as last month was a best in breed semiconductor play, entered bear market territory, now 23% off its 52 week high on 5/16. It did manage to garner 200 day SMA support, but its 44.57 flat base trigger it took out on 4/23 is a thing of the past. LNKD was down 1%, unable to enjoy the Nasdaq’s .8% move higher. It is encountering 50 day SMA resistance here. Some stocks attempted to break out today like ANGI, which had taken out its 26.82 flat base trigger intraday, but failed to close above it. Volume was unsatisfactory, and a close below the trigger should have kept you out. Tomorrow is another day. BLKB acted just how you would like to see a leader behave post breakout. It tacked on another 5.6% following last Thursdays 31.41 flat base breakout in big volume.
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