Alright - we finally did it! Hooray! Right? Right guys?
I'm not so sure. So instead of us gapping over this god forsaken resistance with a threepeat we actually managed to trade up OUT of our resistance that has kept us canned into the sub $320ish level. And surprisingly we did it during the cash session. But, it was lack luster. No fireworks, no excitement, no confetti. Why? Because it was the same 5 stocks that got us here in the first place. The bears just let us breeze on through.
Another thing that was interesting to me is how clean the technicals were today. Remember how i feel about that? Today was an incredibly technical day to trade. We opened basically flat after being down in the market 30 points overnight and after about a 30 min boxing match between buyers and sellers the buyers seemed to win that round, and every other round after that. After that we basically printed an almost perfect bullflag, which played out. And into an , which also played out. The measured target (that telephone pole looking drawing) was hit in late day trading. I will be using this chart to kind of give a walkthrough on how to play these patterns in a future blog post. Other than that it was just a melt up. Plain and simple. Absolutely non climatic for what actuall just happened.