Evening folks! great week in the markets last week with the s&p up 7%. We are right back to the top of the range we haVE been in the past few months. After a nasty couple weeks we had a huge oversold bounce triggered by the coordinated efforts by central banks across the globe to provide dollar funding/liquidity to europe. This sparked a squeeze that took us right where we started. Sentiment has changed a bit and good setups are eveywhere. We have seen this song before numerous times. Continued market upside will not be easy as we have a couple levels of resistance and have gone quickly from oversold to overbought. 1st task will be to reclaim that 200dma alogn with breaking this series of lower highs on every bounce we have had the past months. WE are at a spot where the market will need to prove itself. We have 20dma underneath for support which would also relieve the overbought condition and let a lot fo stocks setup. We have multiple layers overhead of resistance that will not be easy to break. We are in a tweener right now..stuck between support & resistance. The market will need to settle that.
sorry no video today! was having some computer issues.
