Charts galore today. First, the S&P 500, which has had a nice run off of the bottom but is now running into its long term group of Multiple Moving Averages (MMAs). I’m expecting those MMAs to be resistance. If it can take out the early August high, thereby making a higher high, my view will have to change:
Next is the NASDAQ, which looks very similar, although it’s lagging the S&P just a bit:
There were some impressive gains in a good number of stocks last week and I’ll be watching several for consolidations to give me a better spot to get long. Here are a couple of examples of the kind of moves I’m talking about — SEAC:
And ELBO, which I mentioned on the 19th but it launched even further after its earnings report after the close that day. It’s jumped another 12.8% to complete a 32% move over 6 days:
