Good morning. Happy Thursday.
Last weekend I offered a bullish and bearish version of the charts – the bullish version is playing out. It pays to be open minded. Here are the dailies. The Dow has cleanly broken out. The Nas, SPX and Russell are in the process, but potential resistance from the Bollinger Bands is right overhead.
Here’s the weekly SPX I posted at the beginning of June. The trendline remains the same and is once again in play as potential resistance.
Here’s the 60-min SPX. Give or take a couple points, 930 has been a level that has caused turns the last two months.
News trumps the charts…or I should say: news can trump the charts, and right now, it’s happening. GS and INTC have gotten the bulls excited again and thoroughly frustrated the bears. GOOG reports today. Options expiration is tomorrow. Near term sentiment is up, but there are a few resistance levels not far above current levels.
headlines at Yahoo Finance
stocks to watch from MarketWatch
today’s upgrades/downgrades
yesterday’s leaders & laggards
this week’s earnings & economic releases