So Friday marked a second day in a row of failing to close above the 50 SMA. In fact, we did not even get to the the highs of Thursday. This is not a good case for the bulls. On the bearish side, we are now within sight of the 100 SMA. A breach of the 100 and I believe we will be out of “no man’s land” and on a confirmed, but short term, bearish trend. I like targets of 155.75, 153.58 and the 200 SMA. Of course, this breach should be on solid volume. As for the bullish side of things, I would not get in bullish on the overall market until we close above 166.05.
REVIEW OF YESTERDAY’S PICKS:
You would not have gotten triggered into any of those trades. However, it’s worth pointing out on a day where the market took a nose dive, UA finished up strong with solid volume.
REAL ACCOUNT ACTIVITY: