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The presumption that this most recent rising wedge on the S&P 500 would resolve in the same bearish manner as the one in mid-February has turned out to be a costly extrapolation for bears to have made. Now that everyone seems to be on the same page that we are clearly in a bull market, the underlying bid appears to be stronger than ever. We are seeing impressive action in a multitude of individual stocks, with price breaking out of sound technical bases. I am still overweight solar names, and TSL is leading the charge higher today.
As the day progresses, I have my eye on that 1330-1332 area on the S&P, which marked tough resistance during late February and early March. Should the bulls prove too tough for that level to turn them away, a test and breach of 52-week highs up at 1344 appears inevitable. Of course, sticking to the very best setups is key. Despite impressive action overall today, a biotech like KV-A is getting slaughtered, while even AAPL is in the red.
