Yes folks, we have a winner~!! That's right. After weeks of searching high and low we finally have a winner! Today the DIA and the SPY closed over the top of the channel and said.......BREAKOUT! The elevator operator has hit the "up" button. The snorting bull of the last few days, consolidating at the top of the channel, pawing at the ground, has charged and easily broken thru the resistance and even closed over the 100 SMA. The 20 SMA has officially crossed the 50 SMA. We gapped up and closed on the high, creating a Marubozo candlestick. This is a very bullish candle. Everything seems to read...... Bullish, Bullish, Bullish, Bullish~! Now all we need is a confirmation high and it's off to the races folks. So check those charts, find the uptrends, the breakouts and pull the trigger Monday when it breaks today's high (Friday 10-21-11).
Seems the Euro rumors might just hold water (the Euro conference runs thru 10-26-11). Maybe a real solution is baked in the pie. As I said yesterday only a few know for sure and it looks like they were putting their money down today by the bucketful. Good volume on the SPY, and great volume on the DIA. Only the QQQ's have left us wanting. And they have AAPL to hold them back. So......... hope for that positive Euro solution, listen for the ringing sounds of Santa's bells, and keep meditating and chanting "Go Baby, Go"!!
The Charts~
The old top of the channel resistance and the 100 SMA are now support levels and another layer of safety on the downside. Volume is good, the crossover is in place, next stop DOW 12,000~DIA 120.00~SPY 127.50
CURRENT MARKET TRENDS
Long Term (Weekly Chart) – Sideways
Medium Term (3 day chart) – Too Close to call - Sideways/Up
Short Term (Daily Chart) – UP!
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