NEW YORK -- US Markets have held their session highs this morning as GDP is revised higher however big concerns still weigh on investors and the battle between technical's and fundamentals is playing out.
On Wednesday the S&P 500 broke through the every important Fibonacci retracement line at 1,395 early in the day however found support from the 200 day simple moving average and bounced right back into positive territory.
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However it seems fairly obvious that there are powers at work here pushing the market up with volume to back them up. After reviewing hundreds of stocks over the last few hours there are also many stocks that look decidedly bullish.
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Other stocks such as Ameren Corp(NYSE:AEE), Zynga Inc(NASDAQ:ZNGA), Synacor Inc(NASDAQ:SYNC) and Constant Contact, Inc.(NASDAQ:CTCT) (just to name a few) are just beginning their turn around recovery attempt and are setting up for potentially terrific trading opportunities if momentum continues up also.
Patterns like this are usually identified as saucer trades or cup and handles and benefit excellently from a recovering market but can quickly reverse if momentum in the up move is lost.
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So as we all know. Money is usually not made in the market by trading what you feel but what you see. Right now I see a lot of potential longs versus shorts. However we will still be looking at tight risk discipline on any trades we look at while the Index sits on this precarious perch.
Hub Group(NASDAQ:HUBG) appears to be trading right into its 200 day Moving average resistance at the $33.00 mark. After a significant rally over the last couple of weeks HUBG’s steam seems to of slowed today with only 127,408 volume reported so far today as compared to 501,500 yesterday. This could indicate a potential pull back to lower levels and the short players may be eyeing this up. If however HUBG was able to break the 33.00 resistance area it could actually be a candidate for playing out the next leg of an inverse Head and Shoulders pattern which many technical traders would suggest could see it rallying towards the 36.50 area.
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Nokia Corporation (ADR)(NYSE:NOK) is also appearing to be on its way to a potential flag formation rally. If this flag played out you can often see moves of 20+ % in very short time frames. Nokia already gapped up this morning as it looking for the extra momentum to continue its break if the S&P 500 can overcome its technical resistance levels.
It is important to remember that all of the thoughts and commentary discussed here and throughout all our forums are simply reflections of our own personal technical approach to the market and should not be constituted as financial advice.
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