Friday’s action on the S&P500 had me thinking that this was a bit like a ‘Neil Armstrong moon landing’ moment. It was ‘one small step for the S&P500’ higher on Friday but ‘one giant leap for market psyche’ with the significant close above the psychological 1,900 level:
Fri May 23rd The S&P500 looks set to test the upper region of the bullish ascending triangle in coming sessions.
Thurs 22nd May 11.15 am Is the big cap US stock Priceline (PCLN) trying to tell us something? This stock has just made a ‘Bull Flag’ breakout. As per usual, ‘one swallow does not a summer make’ BUT a weekly close up and out of this flag pattern would be a rather bullish signal:
Wed 21st May (5 pm) A/U: I had stressed to watch for any reaction at the key support level of 0.9225. Price has bounced off that exact level today. This is the neck line of the ‘double top’ and is a level to keep in mind. A close and hold below this level would be […]
Fri 16th May (9.40 am) The more ‘risk sensitive’ of the US Indices is the ‘small caps’ Russell 2000 (RUT) and this is ringing a small warning bell again today. This index has closed again below the ‘neck line’ support of the 1,100 level. Whilst the daily candle here was bearish it did manage to close with […]