Both C and BAC came just short of reaching their measured move targets before reversing higher. That's a bullish hint towards the strength of the markets.
GILD came nowhere close to it's measurement of 41 stopped at 47.. I can't adequately state the significance of this action! It is already back to the May highs, but the V nature of the rally suggests we are should at least pause here.
Z has rejected it's potential top. We can now expect it to aggressively approach it's upside measured move of 70.
These are all bullish signs out of high quality stocks. It's just more confirmation of the strength of this market.
Yeah, I used a nursery rhyme, it's been a looong day; lol.
Z - has been a big time mover this last year or so. There is this potential 3+ month top setting up that would measure to 33. That might seem scary for longs given we are at 53. Also note we haven't come close to the 70 upside target, but it's not like this has completely broken down. If it does, it suggests there may be a company specific problem as the internet group in general looks strong. Perhaps it's just going down because of declining real estate prices?
C - this has a 1 month pattern. The volume pattern suggests this is for real, but the longer term trend doesn't seem at risk.
BAC - very interesting action here as it tries to actually form a higher low. If it plays out, again we see there isn't much long term damage projected.
GILD - this top is a bit larger but we have to remember the incredible move this stock has had. This could lead to an attractive buying opportunity.
No comments:
Post a Comment