The market really popped yesterday although the volume was well below average. We are currently still in a trading range until the Nasdaq and S&P 500 can break back above their 50 moving averages. Trading ranges can be frustrating so it is important to be patient as the market decides which way it wants to go. Anything can happen but I would prefer to look at the glass half full and look for buying opportunities so I am not caught flat footed if the market heads higher.
One thing I am paying attention to is the short term breadth and right now market breadth improved after yesterday’s price action. I want the breadth to lead the price action out of the trading range and right now I am cautiously optimistic that can happen.
In this week’s webinar I cover the following:
1. S&P 500 Price action
2. Bonds Looked Extended (don’t chase)
3. Keep an eye for a pull back in gold
4. An in depth look in individual ETFs that are showing relative strength
5. ETFs that are showing trading opportunities
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