We finally saw some what of a well needed rest day. There is no reason to be bearish right now on a daily perspective. We are still uptrending, and until we break the 8 EMA and hold below it – I will continue to have a bullish stance and bias. There has been not reason to fight the trend, and everyone who has, has been hurt. Buying dips seems to be the trend, and currently I do not think that is going to change. I think we could see a couple more days of basing up here, and some time consolidation/pullback. However, that is just what I think and that does not mean it will happen. Personally, I would like a new base to form to help show what is getting inflows, and what is seeing outflows. This is all apart of the process (for me at least). In summary, there is no reason to be fighting the trend, there are times to be lighter and more in “wait and see” mode and currently, I think we are in one of those. Tomorrow will bring more clarity.
Apple is still trash – no follow through. WAIT until the downtrend line breaks before you even consider a long position.
Looks like Google needs some more time. Just let a new base form, and then you are likely going to see a new entry.
Amazon as kinda strong today. Needs to hold higher now to show any strength.
$S is nearing a breakout and should be WATCHED.
Alot of OK charts out there right, not many great ones as the indexes start a basing process.
Have a nice evening. As always, if you would like to contact me – please do so via Twitter (@BenCBanks) or the Contact Page on this website.