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The saying , "What goes up must come down" is true within Bull and Bear markets. Lets take a look at what is going up and what is likely to come back down, keeping in mind that the FED MINUTES are to be released later today.
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I drew this last week to show that I expected the SPX to move up to the purple line
Read MoreThe Oil and Energy Stocks were leading the way with their recent bullish activity. As pointed out yesterday, the XLE broke out from a downtrend and was probably signaling that OIL was about to follow. Quite a few of the stocks were up 20 - 30% in 1 day yesterday! We'll discuss more about the potential here in a moment, but first lets review the rest of the market action.
SPX- Resistance is overhead. A pause below the 50 sma may be building energy to break higher, and a break above could see buyers rush in and push it higher.
Why is it possible that this resistance wont hold it back?...
Read MoreYesterday we saw some of the Energy and Mining stocks running swiftly. There are some small bases that have formed in the past few weeks, and now they may be starting a small leg up. Some had Gains of 20 % in one day, which could just be a mix of short covering and a little buying, but they may still continue higher. We'll take a look at some individual stock set ups like the one below.
SGY - A break above the 50sma, we see a possible Inverse H&S forming.
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