The morning is starting out with a fill and spill. The gap was "almost" filled and then it started to pullback. Getting some resistance at the top of a gap is not uncommon, but will it last?
The bulls have the momentum now and it could be a bullish cup and handle formation, but old Slim sees a pattern that he thinks is troublesome...
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
I like slim but he doesn't post often, I think tomorrow might be a good day to go 100% G, we will see.
The S&P is again struggling as it reaches for the new highs. It's early but the buyers don't seem too eager yet. That could change since we've had 3 big up days in a row and some profit taking is expected.
The small caps are stalling so far this morning (10:17 AM ET) at the the descending resistance line and trying to hold above the 50-day EMA.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
It's trying... It did a nice job of holding the 50-day EMA. Just needs a nudge from here...
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
A promising start for the small caps this morning as it has broken it's downtrend. Holding that breakout into the close would be big.
The Transports are up nicely today too, but no breakout yet and still below the 50-day EMA...
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Yeah, it climbed back nicely...
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
More positive action from the Transports with oil down 5% on the day. It moved above its large bear flag breakdown level, and back above the 50-day EMA.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
hmmm... I didn't even notice that open gap created yesterday on the S&P until just now.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
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