The weekly Mo (RSI3) has been rising for the past four weeks and is now approaching resistance after the Mo formed a negative divergence at the January highs. The weekly trend line resistance is now at 1189 and there is also a Fibonacci projection target at 1180 that could be tested this week. The weekly Mo may not confirm new rally highs. The NYSE A/D, which I find more reliable, continues to make new highs. There is initial support at 1135 with stronger support in the 1115-20 area.
Weekly Mo Still Rising
Top Pros’ Top Picks (Daily)
Subscribe to MoneyShow’s daily investment newsletter Top Pros' Top Picks and get actionable advice from our top experts, including the hottest stocks to buy and sell, ETFs and funds for short- and long-term capital appreciation, and a wide variety of dividend-paying stocks set to deliver a steady stream of safe, reliable income.
Trading Insights (Weekly)
Get an edge on the markets with our weekly trading newsletter, Trading Insights, and receive timely trade ideas covering stocks, options, futures, and more to keep you on the right side of the action. From trading basics to advanced strategies and high-probability set-ups, the insights you need from our all-star lineup of trading pros is delivered straight to your inbox.
Virtual Learning Letter (Weekly)
The stock market offers virtually any combination of long-term opportunities for growth and income, as well as short-term investments for trading gains. MoneyShow’s weekly Virtual Learning Letter showcases a variety of on-demand webcasts and video market commentary by top financial experts covering the hottest financial topics each week.