The broader market has been consolidating all week after three green weeks from the reversal higher in early June. After the S&P 500 Index made a new daily closing high on Thursday, June 20th, SPY, the ETF proxy for the index has since consolidated under the weekly all time closing high from May of this year. This has been a tough level to penetrate for 18 months. Looking at the weekly chart of the Dow ETF, DIA, you can see it is trying to push up through this level (blue line). The more o … [Read more...]

Happy Summer! The expansion I have been writing about for many months appears to have begun. The broader market (SPY) just made a new daily closing high (weekly close was 3 cents lower than the all time weekly close from last September), breadth is good with all sectors participating, yields are low and likely headed a little lower with Fed stimulus, the $US is just under resistance and is likely to reverse lower and the expansion is from a long and deep (18 months) foundation of cons … [Read more...]

I highlighted Sonos (SONO) Inc on June 10th. It is up about 7% since and running into a very important price level ($12), resistance. See daily chart to see how price has reacted to this level. Price has failed this price level many times and may fail again, however, the relatively long base from early this year is definitely attracting interest. If price can break above $12 it could sure run to $13 in a hurry. I'm going to hold and watch how price reacts to current levels. Please note all … [Read more...]