We tested the 20-day MA and failed. We failed from the beginning and just sliced through the support level like a hot knife through butter. Many stocks are still above their half way point from the start of the rally to the peak. Even breadth is doing well. We had 15 new highs (an incredible feat) and 296 new lows (not bad at all). This suggests that the vast majority of stocks are within a range. This was especially true due to my inability to find a large number of breakouts or breakdowns worth profiling the past few days. The employment situation report coming out today will definitely set the tone for the rest of the day.
There are two stocks that I want to mention (PETS, QCOR). These two are out of a small handful that have persevered in this bear market and have maintained their uptrend for months. And like before, we’ll use this time to see how certain breakdowns could have been prevented (of if you’re short, what to look out for).
There are two stocks that I want to mention (PETS, QCOR). These two are out of a small handful that have persevered in this bear market and have maintained their uptrend for months. And like before, we’ll use this time to see how certain breakdowns could have been prevented (of if you’re short, what to look out for).
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