It looks like the 3 month long consolidation may finally be ending. The S&P 500 traded at a new 2006 high today but sellers stepped in and pushed it back under the January closing high. The Nasdaq's also within striking distance of its 2006 high. The month-end markup crew should have no problem pushing the indices to new highs tomorrow. ;-)
Here are charts of the S&P, Nasdaq, QQQQ and the BKX:
Incredible to see that the market has essentially rotated funds AWAY from oil to the financials! I can only guess where the $$$ will go next if those bearish candlesticks "bear" out...
Mike.. love your site.. great analysis here.
What do you think of RYAAY (Ryanair)? They just had a morning doji star, MACD showing a divergence, and stochastics turning up from 20. Think this is good for a short term to mid term buy?
don't u think we will have a run on tech/biotechs? it's long over due, but still waiting..
Henry,
I agree with your read but I'd add that it's in a downward sloping channel and the 50-day moving average is just above. Doesn't seem like a good risk/reward to me.
Chris,
I don't know.