Like yesterday, putting more cash to work was the goal today as the Market opened to the upside and climbed throughout the day to end on a high note. The NASDAQ posted increased volume and now rests just below its 50 MA (key resistance).
That close watchlist should have been coming in handy this week. On StockTradingToGo today I posted on How to Spot Bull Flags for Big Profits and used OVTI as an example. The stock was one from my watchlist which was good for over 6% today and looks promising moving forward.
Charts below including an update on Gold. Hope this upswing is treating your portfolio well and I will see you back here next week! Stay frosty.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Down | (+) Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.