Up In Smoke? Weakness Vs. Strength, SPY Vs. MO, Part 2 Of 4

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This is the second of a four part series I am writing to help you identify potential STRENGTH in your charts, and, hopefully, make you some money. Altria Group             , parent company of Phillip Morris, completed a Bearish Butterfly pattern. Unlike SPY             , please note two key strengths in this chart. After the C to D impulse leg the price action in MO was lower, as it usually will be after a Bearish Butterfly pattern. After point "D" was established, I did a Fibonacci retracement of impulse leg D to A. MO did indeed sell down to the first key area, usually Fibonacci .618. The second strength in this chart is the Ichimoku Cloud in the background. If you look left to the mid-point of the chart, the cloud is the opposite of SPY             , it is lower to the left and rising as it moves to the right. The cloud movement higher is bullish . So too is the upside reversal at Fibonacci .618. These are both indications of STRENGTH ahead in MO. The red arrow in the upper right shows the Fibonacci extension at 1.272 (where I think MO will pause, first price target of $65.03). Part 3 of this series is next, the chart of Altria Group             (MO), the parent company of Phillip Morris (PM). I will attempt to show you other indicators for MO (demonstrating strength), and why I am bullish on the stock .
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