All Aboard! Week 1 Breakouts Are Underway
It’s been an impressive week.
The bulls have marched us higher 4 of 5 days this week breaking us up and out of recent consolidations and now we are starting to work through some significant weekly trend-lines.
I’m writing this post intraday on Friday, so these aren’t closing bars yet, but you get more or less the picture.
The $SPY and $IWM have been consolidating (pulling back) for 4 weeks and this was a week 1 breakout.
The $QQQ is emerging out of a 5 week consolidation.
That’s important because as ‘overdone’ some may think this weeks move was, it’s really just potentially getting started on the larger time-frames.
Can overhead supply kick in once again for the 458th time? Sure, absolutely, we can fail and roll over, but I wouldn’t want to be putting my money on that bet. Not without a lot more evidence suggesting that’s the case.
I’ll let you look through these charts yourself, they’re pretty self explanatory, but be sure to keep an eye out for my full length market recap this weekend for more in depth analysis.
I hope everyone had a great week and has time to recharge during this long weekend and if you find yourself bored and in need of some reading and watching material, jump on our free newsletter.
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