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The S&P 500 is continuing to press forward and print fresh multi-year highs today, as the breakout from the recent multi-month consolidation is confirmed. While the trading session thus far is not a particularly energetic affair, there are some pockets of fairly strong price action. On the whole, though, this type of market is consistent with a bullish consolidation. Still, a few days of sideways action next week would do wonders to set many charts back up again. For now, though, traders should work hard to find names that are not too extended yet and have been setting up and breaking out.
We are also still navigating our way through earnings season, so while names like BZ look great, you should be cognizant of their earnings report coming up on Monday.
A few notable ideas today: QSII is squeezing shorts off of the CERN earnings beat, and FNSR is making a great recovery off of the OCLR earnings sell-off after the bell yesterday.
Chess, amend this post and attach WYNN to the “great setup, yet to break” category!!!!!!
great eye–yup
Thanks Chess,
Like the look of that weekly and monthly chart in QSII and so on and so forth.
no prob, thnx