Market tapped the 1150 resistance level on the $spx yesterday and reversed. We ended up closing red. Pullbacks are very healthy for the market and are something that we have to have if we want to continue this run higher. Very rarely do we break resistance on the first try. I fully expected us to not break this mark yesterday. There was nothing about yesterday's pullback that made me want to go bearish. I am still convinced that this is a bull market. I will continue to buy dips until I see a reason not too. Here are some great setups I am watching for continued strength:
wtsla- flat base breakouts are the most powerful. Watching this one for volume.
cbeh- nice volume expansion and coming off lows, watching to add on a break of yesterdays high
hdy- over 2 bucks and this one can really get moving
io- great volume expansion.. watching for continued strength
vgz- break of recent highs 2.54
avarf- watching the break of 4 bucks
cski- over 7.3 and this one will fill the gap
cwtr- i think this one will cut loose past the 200dma. adding over 5.24 with a tight stop
bebe-watching for a pullback or continued strength. Brokeout yesterday
avxl- adding on break of 4.25
smbl-watching for a break of 4 with volume
lava-keeping an eye on this one
satc- adding over 3.55
ek- breaking out yesterday, watching for continued strength
Short list:
Mall- out of upper bollinger band and extremely overbought. Adding on first sign of weakness.
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