MomentumOptionsTrading.com Morning Update for 6/17/2014
Bulls Get Another Monday Win
Monday was the first battle in what will be another war this week and the rest of the month between the bulls and bears. Both sides made strong statements as the bears tried to push the next layers of support with the bulls still gunning for higher highs.
Although the lackluster close may not have given Wall Street any clue on how the rest of the week might play out, there were a few bullish signs I saw that still keeps higher highs in play.
The Dow added 5 points, or 0.03%, to close at 16,781 on Monday. The blue-chips traded to a low of 16,722 shortly ahead of Wall Street’s lunch break but rebounded to push a high of 16,802. Resistance at 16,800 held along with support at 16,600. It was the bulls ninth-straight Monday win and the pop above 16,800 was slightly bullish. (Read More…)