A head and shoulders pattern is forming in the Intel technicals. The left shoulder and head have been established with the right shoulder currently building.
Chesapeake Energy Corp. has broken through a couple of key technical levels. Combined with the company's strong fundamentals, and new management, the price should continue higher--especially if natural gas rises.
We have seen some strong bullish technical indicators in the chart: Moving Average Golden Cross, Bullish Aroon Indicator, and a breakthrough of a major resistance level. Pending earnings announcements from the banks, we could see a strong upside coming. Bullish with caution.
We should begin to see a slight fade in the market as the debates over spending cuts and the debt ceiling approach. A successful resolution could take the market higher until later this year when it will hit strong resistance from the '00 and '07 trendline. Inversely, a failure of those discussions could force the market down prematurely. In either case we are...
