The Bull is AWAAAAAAAAKE
Guys and Gals,
We have seen a period the last few months of a lack of edge type of environment which resulted in sitting cash or trading small size.
As we stated in our last report, we like the market here enough to dabble in small size.
Last week’s market action was healthy in our opinion.
The S&P 500 made a move higher and it HELD!!!
Last week we saw the S&P 500 hold onto its gains while trading above the 20SMA and 9EMA.
This is very very healthy.
We remain bullish as long as it continues to trade above the 9ema on the daily chart.
THINK HORIZONTAL!
Diagonal lines are inconsistent and horizontal lines are KING!
A move out of this 5 day range could be seen as a breakout and as result, all stocks are on watch.
Lets see how today’s action goes but, you can:
Trade this range
Trade the breakdown below the range
Trade the breakout above this range
As for myself, I will be sitting back waiting to add long if it does make the next leg up.
I just wanted to type something out very quickly to let everyone know of this bullish development.
Best,
Nicholas Lusso
Lead Writer/Editor