Bulls pressing the action

Posted by downtowntrader | 5/07/2006 09:55:00 PM | 0 comments »

It looks like the bulls are pressing the action. The SP500 cleared the resistance I wrote about on Thursday night although volume was just average for a market breaking resistance. I will be watching the Nasdaq for confirmation of a rally. Here are a few charts that look decent.

ABAX has had a few steep down sessions lately but has had pretty good support near 23-24. Watch to see how they react to the ascending trendline.
ARP cleared resistance but left a long wick on the breakout day. Watch to see if it follows through.
CCJ may be ready to break to new highs. They cleared horizontal trendline resistance and then tested the line as support.

GBX looks like it will come back to test the trendline as support.
IBCA is trading a tight range here. Keep an eye for a breakout.
SLW looks like it is resolving into a triangle here.
AUY chart looks like it wants to move higher.
NSM may finally clear resistance here. The key is the sox and nasdaq.

Good Luck,