Steve Miley, MSTA
MarketChartist
Day trade outlook: Still aiming higher
A strong bull gap advance Monday up to 5999 after the market was closed on Friday, and despite a setback to hold above 5872/68 support, at 5893, to retain upside pressures from last week's solid advance Thursday from 5645 and from the late April surge up above the key mid-April peak at 5932.5 up to 6191, to keep the bias to the upside Tuesday.
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We see an upside bias for 5969.5; a break above aims towards 5999/600 and 6030/35, maybe 6077.
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But below 5893 quickly targets 5872/68, maybe then towards 5833.
Intermediate-term outlook
A late February plunge below 7164 set an intermediate-term bear trend.
Downside risks: We see an intermediate-term bear trend to aim for 4701.5 and 4500, maybe 4060.5.
What changes this? Above 6398 shifts the intermediate-term outlook to neutral and through 6871.5 to bullish.
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