Big day for the Transports but it's now testing some serious resistance (50-day EMA and descending trend line).
Futures gap up after French election relief...
Here's a couple of interesting charts today...
The Nasdaq has made a new all-time high.
The Transports broke out above the 50-day EMA, which was key, but there may be some resistance at the top of this parallel trading channel, which could also turn out to be a big bear flag. This chart may be key for this breakout to continue to the upside in the market in general.
Still below the resistance on the Transports, but that is to be expected on the first push. This was a big, important move above the 50-day EMA. The question is whether it can breakout above that flag or whether it needs to fill that gap first.
The Nasdaq is above resistance and doing fine.
Busy week this week ending with the budget deadline / possible gov't shutdown.
Good call last Friday on things looking bullish!
"Small caps: 2 large open gaps below and bumping against the old high resistance line."
What to do, what to do...
"All that is required for evil to succeed is for good men to do nothing." - Edmund Burke 100 G COB 04/25/17
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