Coke is moving well this week and is at new May highs in the early going. It may make a run at the huge March 12 breakdown gap($51.15). A close back below Friday’s low($44.65) would wipe out this week’s healthy action.
70 years of data tells us the June through October time frame usually presents flat action in the S&P 500 Index. Nothing about 2020 has been usual though. Hat tip Ryan Detrick
On Monday we mentioned that Gold (1727 at the time) may be headed lower due to a Double Top.
From Strategypage.com: B-1B Lancers from the 28th Bomb Wing, Ellsworth Air Force Base, S.D., integrated with Swedish Armed Forces JAS 39 Gripens for the first time over Sweden during a long-range, long-duration Bomber Task Force mission, May 20, 2020. Operations and...
LLY is heading for its 6th straight loss. This pullback has driven shares down to a key support zone. The $147.00-$148.00 area marks the stock's Initial 2020 high, an upward sloping 50 day moving average as well as the 1/3 retracement level of the rally off the 2020...
Tech takes a breather as Banks, Energy and the Industrials lead.
Shares of Morgan Stanley are in full breakout mode as the new week begins. The stock is up over 6% after opening the session with a powerful upside gap that has lifted the stock above the April peak. As the six week consolidation ends MS is set up well for a fresh rally leg.
Investor sentiment has turned demonstrably positive. For contrarians, not a good sign.
Although the trend for Gold remains long - that could end with a break of 1700-1690 (support) on a closing basis as a DT (double top) has formed.