Tuesday, December 6th, 2016

Stock rally back in two way action


SPX rallied back up on ben Bernanke’s testimony before Congress and retraced almost 78.6% on Fibonnaci retraqcement levels. This is a very significant move and if it continues we shall see this market retake the pivot highs of 1530 in few sessions. Banks are the best of breed along with some major stocks in motion which you can see in the video.

LNKD was the story of the day as it broke out from a consolidation pattern and made new highs to 169. NFLX is also bouncing off its priot breakt out at 175 and should claim higher ground. JPM and other bansk also tried to reclaim the 21 day lines. This has been really a two way action last few days. First a leg down and a than quick up move.

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