The bulls opened with a strong run to the 50-day MA’s (moving averages) on Friday and were met with a right hook by the bears that knocked them back down to even shortly afterwards. However, unlike what we saw the bears do a few weeks ago with their failure at holding down the 100-day MA’s, the bulls cleared resistance while holding their ground.
The bears penetrated the 100-day MA’s in mid-June but they didn’t have the force or momentum to push the 200-day MA’s (at least not yet). The charts clearly show the break above the 50-day MA’s but many of the pros today are likely to say it was on low volume.
We were slightly surprised by the 1% move and the fluff past resistance but the last time Wall Street got caught flat-footed on a trading day after the July holiday resulted in a 3% pop. This means there could be another 2% push higher that will likely lead to a test of this year’s highs, or, it was a classic head fake in what could be a continued trading range. With 2Q earnings starting this week, a 2% move is possible, either way. (read more…)
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