Bullish action in indexes continues
SPX , RUT and NDX all showing bullish action this week. The FOMC meeting was well liked by traders last week and a promising start higher resulted in SPX and other indexes reaching new highs. However, we are nearing the upper limit of the channel here and overbought and may see a retreat at some point, but the next few days should bring more bullish upsides to the market.
Most jumbo stocks which we often trade are in good shape and forming bases or have run up higher. NFLX is now pulling back a little to give us an entry. CMG has run up a bit and showing some sideways action or may dip here to form some kind of handle. Its not a screaming short as most folks are salivating. They saw the earnings over reaction and used the P/E numbers to short and than it came right back as if nothing happened in just under 20 days. So this is not fallen stock but a very strong mover when it gets going. GOOGL is about to pounce higher based on the double dips to the 50 day line which cannot be broken. AAPL has split and now pulling back to the trend line for support. Lets see how that runs this week.
Expecting bullish bias this week and keep some powder dry to log-in any time.