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Chart Courtesy of StockCharts.com
- Price continues to be within striking range of all time price highs.
- Price remains bullish above all moving averages.
- RSI at 73.57 continues to show momentum at these over bought levels.
- The intra day trading range continued to expand last week. The ATR is as high as it has been since April. The strong reversal off Friday’s lows could be a bullish reversal signal.
- The MACD remains under a bullish cross.
- Last week traded on increasing volume on both the rallies higher and the big reversal Friday. The volume looked to be bullish in bias.
- VIX closed last week at 11.43 after reaching as high as 14.58. More volatility and risk being priced slowly into the market.
- Strong rallies in the Energy $XLE Consumer staples $XLP and Financial $XLF sectors last week.
- The tech sector $XLK has pulled back strongly from recent price highs with leading tech stocks under pressure.
- The stock market is still intact. Pullbacks are still buying opportunities and the easiest path to profitability remains in simply holding long positions in this uptrend.