Monday, June 18, 2018

Bulls Look To Make a Stand

It's looking a little early for some of the nascent pullbacks but buyers are stepping in here to support markets. Much of this looks to be driven by the secular bull market leader, Russell 2000. It managed a new closing high as momentum traders continue to benefit from strength in this index.

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Thursday, June 14, 2018

Decision Time for Dow and Semiconductor Index

Bulls have done a good job of clawing back the losses generated by the individual days of selling which have peppered the market since April's lows.

The S&P had reversed from the point of the March high in what looked to be a good shorting opportunity but the lack of follow-through leaves this play vulnerable to a swift exit. A short-stop at 2,792 is the best protective play but further highs are looking more likely.

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Tuesday, June 12, 2018

Bulls Maintain Form

Another day, another day of gains. Nothing significant but enough to keep rallies and recent breakouts intact. There are few trading opportunities - except to hold on to existing positions.

The S&P has a potential shorting opportunity at March swing high resistance but given the breakouts in Tech and Small Caps, I'm not entirely convinced by it. Technicals are net bullish except for relative performance which has been in decline since March.

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Monday, June 11, 2018

Strong Finish To Week

Markets feeling the pressure of Thursday''s selling recovered to maintain recent breakouts. For example, the Nasdaq 100 made it back to breakout support after briefly undercutting this level on Thursday. Technicals are all bullish and the index remains well placed for further gains.

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