In the white oval in the above chart of the SPX, we can see 2 key factors:
1. Support was found on the 100 SMA in gray.
2. We’re approaching a new resistance line in purple.
We’re in a tight spot! That means, things could change, in either direction, suddenly. If we breakout, great! That means all our bullish stuff that’s been working in harmony with a bullish market the past 2 days, will have a better chance to do even better and hopefully run further in our favor. If we don’t hold support at the 100 SMA lows, we could retrace further below. Stay sharp!
Bullish idea TX triggered but it is struggling to make new highs. Thus, be careful should it make new lows!
The following are this week’s bullish mentions: HAL, KEY, NYT, VOYA, ALB. Â
We’re happy to report, at least at this snapshot in time and for the 2nd week in a row, ALL bullish names have risen since Tuesday’s close.
HAL and ALB have been very, very nice movers for us. Their fate is likely tied to the fate of the indices as well, so remain vigilant!
Thanks,
Wayne Razzi