Market Drift Upwards: ROK, HSP, SXE, FAF, AOC, COH, PBG, GRP

The week ended with a 'feel good' vibe for Bulls. There were decent gains on light volume, but also some important resistance breaks in some of the indices. For small caps there was a break of June resistance, part of a now larger broadening pattern. Because of the larger pattern there is substantial upside room for a rally to resistance (assuming June highs are breached).



The Nasdaq ended its struggle below 2,635 and was able to convert some bearish looking candlestick patterns in June into more favorable support. It is approaching broadening wedge resistance but support is nearby below - potential breakout?



In favor of a tech index breakout are the new highs in the semi-conductor index. There was also a critical weekly close above 510:



Which the point-n-figure chart shows best:



Large caps have struggled for the last month as money rotates from large caps back into the more speculative tech and small cap indices. The S&P closed at a clear resistance level:



While the Dow has seen a big fight between bulls and bears over the last couple of months:



The Trade Ideas scan was soundly bullish with a top-8 pick list cooked in 2 minutes and a "20-appearance" list done in 30 minutes:



If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.

Fallond
Trade Ideas