From my vantage point the Nasdaq is stuck between resistance and a possible gap that could be filled around the 2760 area. Other than some mild overbought readings on various indicators I track, I believe the place to be is long, while keeping some powder dry for a quick 1-3 day pullback. The Dow is very bullish, the Transports are confirming, and there are plenty of bullish set-ups out there that trader’s literally have to be very picky because there’s no way to legitimately follow them all.

Watch for an intraday drop to around 2760 or a RSI breach of 40 to add in a big way to one’s longs.

A potential reverse head and shoulders is in the making on the NASDAQ daily chart. Volume has expanded for a 4th consecutive day and yes it hasn’t been explosive, but it sure beats trying to short a market that is as resilient against macro news as this one has been.

Until the TRIX crosses over on this 3 line break chart, the bulls remain firmly in charge.

Here are a few stocks that I like from a momentum perspective that stand a good chance of being higher in a few months than they are now.




One Response to “Timing Charts & Bullish Momentum Picks”

  1. Timing Charts + Bullish Stock Picks - Finding Out About Says:

    […] A potential reverse head and shoulders is in the making on the NASDAQ daily chart. Volume has expanded for a 4th consecutive day and yes it hasn’t been explosive, but it sure beats trying to short a market that is as resilient against macro news as this one has been. Until the TRIX crosses over on this 3 line break chart, the bulls remain firmly in charge. … [visit site to read more] […]

Leave a Reply

You must be logged in to post a comment.