We noticed after Tuesday, May 24th, 2016 session that the S&P 500, and other indices, broke out of a bullish-flag pattern. The follow-up to this breakout on Wednesday was quite good. The market opened on the upside and then moved higher, eventually closing strong. For the day, S&P 500 gained 14.48 and Dow Jones Industrial Averages gained 145.46. But…
We have been mentioning for the last few days that market is poised for a bounce. We first covered it after the release of Fed minutes when the market took a dive but the bears could not sustain it. Then we elaborated the emerging bullish flag formation after NYSE session close on Monday May 23rd, 2016. We then…
Directional Bias For The Day: To the upside Before NYSE Session Open Yesterday: All major indices closed up strong and broke out of their respective consolidation pattern to the upside. This bodes quite well for a rally – at least for a while. Resistance levels from the 2015 and 2016 high still loom ahead that may dampen the…
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