A Victory in Battle, but Not the War | chessNwine (ibankcoin.com)
by chessNwine about 3 hours ago
The bulls closed out a solid week in impressive fashion, as the S&P 500 finished up 0.82% to 1102. The sentiment of traders has quickly changed back to an eager tone, as market players witnessed various stocks and sectors hold their breakouts this week. As far as declaring the end of the broad market correction that commenced in late April, there remains much work yet to be done. As we near overbought levels, the bears are highly likely to take a stand next week, in the face of any further upside. The amount of technical damage that has been inflicted on the charts in the past few months will cause overhead supply to become an issue, regarding trapped bulls who are now close to being made whole again.