The SPY is trading inside a consolidation pattern and looks on track to clear $142.92 and start the next leg higher. The Xmas rally happens when people are waiting for a pullback that never happens. Quite a few trades from this weekends watch list triggered and have the volume to offer continuation moves. Here’s a fast review of the action:
CELG – Closed above breakout level of $80.42 on 183% average daily volume. I started in a long today at $80.27. Planning on taking some of the position off tomorrow for a gain and raising my stop.
TEX – Cleared above this volume resistance level on 165% daily average volume.
BA – Closed near the daily high above the descending trend line and volume resistance on 118% average daily volume.
The rest of the charts from the watch list had nice price action but closed on less than average volume.
CLR – Showing a nice consolidation pattern under trend line resistance. The pattern is textbook bullish behavior on lessor volume.
CMI – A continuation pattern tomorrow will bring us to an easy initial target of $104.71. Traded today on lighter volume of only 66%.
CRM – Closed on the top of the range on 55% average daily volume.
Hats off to the bulls,